US private equity house, First Reserve, has sold a $354 million stake in Whitehaven Coal Limited (ASX:WHC).
According to a change in substantial shareholder notice, issued to the Australian Securities Exchange today, First Reserve’s stake in the coal miner is currently 14.69 per cent, almost half of the 27.63 per cent it originally held.
Bloomberg has reported that the sales crossed this morning for a price of $6 per share, which compares to Whitehaven Coal’s last traded price of $6.30.
Last year Whitehaven announced an internal auction process for a potential suitor, but the process was terminated earlier this year amid speculation that there was not enough interest.
In the 2011 financial year Whitehaven Coal generated a net profit of almost $10 million.
