BREAKFAST DEALS: Gloucester seal

Yanzhou clears a Gloucester deal, while iiNet picks up Internode – and new scale in the telco wars.

Within the space of just a few weeks, the title of Australia’s largest independent coal miner has jumped around a bit. It transferred from Macarthur Coal when the late Ken Talbot’s old stomping ground passed into the hands of Peabody Energy, to New Hope, which has since begun a sales process. Then Whitehaven Coal stepped up with a deal for Aston Resources. Now, the board of China’s Yanzhou Coal has approved a deal to create an $8 billion coal miner through the merger of Yancoal Australia and Gloucester Coal – the rest is looking like a formality. Meanwhile, iiNet has taken rival ISP Internode in the search for NBN scale. Where does TPG Telecom fit in? Elsewhere, Hastings Diversified Utilities Fund has told shareholders that APA Group’s offer doesn’t stack up, a Macquarie Group-managed fund has gone shopping in the US and rumoured takeover target OneSteel has gone for asset sales and writedowns over a capital raising, and the market loves them for it.

Gloucester Coal, Yanzhou Coal

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