Australian regulators have approved Banpu Public Company Ltd’s $2.5 billion takeover proposal for Centennial Coal Company Ltd
(ASX:CEY).
Centennial Coal says Banpu’s off market bid of $6.20 per Centennial share has received unconditional approval from the Foreign Investment Review Board.
Centennial Coal shareholders have approved the offer and on Monday the coal miner said the bid had been extended by a week to 5 October.
In its fiscal 2010 results, Centennial Coal posted a fall in net profit, dropping 28 per cent from the $71 million recorded in 2009.
For the 12 months to 30 June, Centennial Coal Company booked a $51.5 million profit.
