Thailand’s largest coal company, Banpu Public Company Limited’s (SET:BANPU), $477 million takeover of Mongolian focused coal explorer Hunnu Coal Limited
(ASX:HUN) has been declared unconditional.
In mid September Banpu offered $1.80 per share to acquire the 88 per cent of Hunnu that it does not already own.
Banpu has now secured a 50.18 per cent stake in the company, having secured approval from Australian and Thai regulators earlier this month.
Hunnu’s executive chairman, Matthew Wood, says Banpu’s offer is at a significant premium to recent trading levels and considers the strong prospects of the company’s coking and thermal coal deposits.
In the first half of the 2011 calendar year Hunnu Coal booked a net loss of $3.3 million.
