[miningmx.com] – COAL of Africa’s proposed reverse takeover of Universal Coal, an Australian company with operations in South Africa’s Mpumalanga province, has been approved by the country’s Competition Commission.
“The approval is a positive step towards successfully concluding the merger between CoAL and Universal,” said David Brown, CEO of CoAL.
On November 26, CoAL said it would pay R1.25bn for Universal Coal in an offer comprising A$0.20c/share in cash and one new CoAL share per Universal share. The offer trumped the A$0.16c/share hostile takeover attempt of Universal’s 29.9% shareholder, IchorCoal, which was made on August 21.
