Coal miner Centennial Coal Company Ltd
(ASX:CEY) has announced that its shareholder, Banpu Public Company Ltd, has received approval from the Bank of Thailand, for it to remit foreign currency to pay the consideration under their $2.5 billion takeover bid for Centennial, by Banpu’s wholly owned subsidiary Banpu Minerals.
In early July Centennial Coal recommended that shareholders accept a takeover offer from Thailand’s Banpu Company.
Centennial today says that Banpu Minerals takeover offer, when made, will not be conditional on the obtaining the Bank of Thailand approval.
Bampu Public Company is Centennial’s largest shareholder already holding a 19.9% stake in the company.
Centennial Coal reported a profit of $71.2 million for the year to June 30, 2009.
