Coal company, Kangaroo Resources (ASX:KRL) has today announced that FIRB has confirmed that the Commonwealth Bank has no objection to the acquisition of Kangaroo by PT Bayan Resources.
In August Kangaroo announced a binding Scheme Implementation Deed with its majority shareholder PT Bayan Resources
Under the agreement, PT Bayan will acquire all remaining shares in the company at a price of 15 cents per share.
The offer has received the unanimous recommendation of Kangaroo Resources board.
Shares in Kangaroo Resources (ASX:KRL) last traded at 11 cents on Thursday.