Yanzhou Makes Deal for Gloucester Takeover

Bloomberg reported that Yanzhou will acquire Gloucester Coal (ASX:GCL) for $709 million.

As quoted in the market news:

Under the plan, Sydney-based Gloucester will merge with Yancoal Australia Ltd., and Yanzhou will own 77 percent of the new company, the Chinese coal producer said yesterday in a statement. Gloucester stockholders will receive A$3.20 a share in cash, it said.

Click here to read the full Bloomberg report.