Glencore makes bid for South Africa's Optimum Coal.

By bne IntelliNews September 2, 2011
Swiss commodity trader Glencore said it seeks to acquire Optimum Coal Holdings Limited, one of the largest producers of thermal coal in South Africa, through a consortium with its local Black Economic Empowerment partner, South African businessman Cyril Ramaphosa. The bid values the ordinary shares of Optimum at ZAR 34 (USD 4.8) representing a 35.9% premium to the 30-day volume weighted average Optimum share price on August 16, Glencore said in a statement. Optimum Coal is a black-owned and controlled South African mining group with an extensive operational footprint located in the Witbank coalfield region of Mpumalanga. It is the sixth-largest producer of thermal coal in southern Africa. Glencore currently owns 14.1% of Optimums issued share capital.

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss