Yancoal knocks on a back door deal

Thanks to the Foreign Investment Review Board, China needs to find a way to offer the rapidly expanding Yancoal to public investors, and its move on Gloucester Coal seems to be killing two birds with one stone.

The Chinese approach to Gloucester Coal, proposing a merger with Yancoal Australia, is driven by an interesting mix of necessity and opportunity.

In 2009, Yancoal’s parent, the Chinese state-owned enterprise Yanzhou Coal Mining, acquired Felix Resources and its coal mines in NSW and Queensland for more than $3 billion, the biggest acquisition of an Australian company by China at that time.

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