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Whitehaven Coal Close to Takeover

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Whitehaven Coal Ltd. (ASX:WHC) may be facing a buyout. As per the company statement Whitehaven confirmed that a data room has been in place for a long time in relation to various potential transactions. However the uncertainty over any proposal developing due to the current third party talks still existed.

As of now First Reserve Corporation Ltd. and Alpha Natural Resources Ltd. are both considering a joint buyout of Whitehaven Coal Ltd. which would be worth about Australian dollars 3 billion. First Reserve already owns 27% of Whitehaven and is its biggest share holder, while AMCI group owns 15% stake in the company and is the second largest share holder.

The private equity company First Reserve wants AMCI to take the coal miner private and then sell part of it to Alpha Natural. The speculations over the deal have caused the shares in Whitehaven to jump to $ 6.36. Whitehaven produces high quality thermal coal and has reported that it is in talks with third parties over potential deals.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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