Coal of Africa (CoAL) has extended the deadline for shareholders of Universal Coal to accept its takeover offer to 11 March. Currently, CoAL has received acceptances from shareholders owning just over 41% of Universal.
CoAL’s offer values Universal at AUS$91 million and has been recommended by Universal’s board of directors. The South African Competition Commission has also approved the deal.
A general meeting of CoAL shareholders to approve the deal will be held 3 March.
CoAL and Universal Coal own coal assets in South Africa, including the operating mines at Vele and Kangala, as well as various development projects.
Edited by Jonathan Rowland.