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Beijing green lights Australian coalmine takeover

Beijing green lights Australian coalmine takeover

Beijing: Yanzhou Coal Mining Co Ltd, the fourth-largest coal producer in China, said Friday that it has won the approval from the National Development and Reform Commission to take over Australia's Felix Resources.
According to a statement filed with the Shanghai Stock Exchange that Yanzhou Coal received the reply from the NDRC on Thursday that allows it to buy 100% equity interest in the Australian listed company for A$3.54 billion.
The deal has been approved by the Australian regulators, China's State-owned Asset Supervision and Administration Commission and Yanzhou's shareholders after the takeover agreement was announced in August.
Upon the completion of the deal, Felix will become a wholly-owned subsidiary of Yanzhou Coal.
Reportedly, the Shandong-based coal miner will obtain approved coal reserves of 1.5 billion tons in Australia after the takeover. [07/12/09]

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