A false sense of Yancoal securities

Yanzhou’s crack at taking Yancoal private is an attempt to neutralise a clever, and very costly, insurance mechanism embedded in Yancoal’s stock at the time of its Gloucester merger.

One only has to look at the trading in Yancoal Australia securities over the course of this year to get a sense of why China’s Yanzhou has approached its locally-listed vehicle with a proposal to privatise it.

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