Coal of Africa Limited
(ASX:CZA) has received approval regarding its merger with Universal Coal.
The company confirmed the South African Competition Commission has unconditionally approved Coal of Africa’s acquisition of Universal Coal.
Under the takeover agreement, Universal shareholders will receive $0.25 in cash or $0.20 in cash and one Coal of Africa share per Universal Coal share.
Chief executive Officer David Brown said the approval is a positive step towards successfully concluding the merger.
Coal of Africa recorded a net loss of $8.73 million at 30 June 2015.
