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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Thailand's Banpu bids for Australia coal firm AFP - Monday, July 5 Send IM Story Print SYDNEY (AFP) - – Thailand's Banpu launched a 2.1 billion US dollar takeover bid for Australia's Centennial Coal on Monday, signalling renewed interest in the sector just days after a mining tax row was settled. The friendly 2.5 billion Australian dollar takeover, which values Centennial at 6.20 Australian dollars and has been recommended by its board, sent shares in both companies soaring. "Banpu's offer recognises both the current profitability of Centennial and its upside," Centennial Chief Executive Bob Cameron said in a statement. The deal represents a 40 percent premium on Centennial's closing share price on Friday. The Thai energy firm already holds a 19.9 percent stake in the miner. Banpu's offer is the first takeover bid in Australia's mining sector since the government announced a 40 percent resources tax in early May, which threw the industry into uncertainty and prompted some firms to put projects on hold. The dispute drained vital support from ex-prime minister Kevin Rudd, who was deposed by Julia Gillard in a party mutiny last month. Gillard announced a compromise deal with the miners on Friday. Banpu said in a statement it was "excited to have exposure to the Australian coal sector and believes that an acquisition of Centennial would be the initial step in driving further consolidation of the sector". It added that it was "strongly supportive of the Centennial management team and its current strategy, and would expect Centennial's existing management team to continue with operations and development projects as planned". Banpu shares were up 2.3 percent at 616 baht in early afternoon trading on the Thai stock exchange, while Centennial shares surged 31.90 percent higher in Sydney. "It certainly looks like PM Gillards new (tax) has turned the takeover tap back on," said IG Markets strategist Ben Potter. "This looks to be a significant windfall for Centennial shareholders and will likely reignite mergers and acquisitions speculation across the sector." The resources sector provides Australia's two biggest exports, iron ore and coal, which are in huge demand by Asian economies and helped the country avoid recession during the financial crisis. The deal needs approval from Australia's foreign investment watchdog, which will probably want reassurances about maintaining coal supplies to domestic power stations. -- Dow Jones Newswires contributed to this report -- Recommend Send IM Story Print Related Articles Lukoil won't repurchase 50 pct in Kazakh JV stake Reuters - 31 minutes ago Russia VTB names organisers for Eurobond - source Reuters - 46 minutes ago Turkish bonds up on lower-than-expected inflation Reuters - 51 minutes ago US-BUSINESS Summary Reuters - 53 minutes ago BA June traffic hit by strike action Reuters - 53 minutes ago News Search Top Stories Tour peloton shrugs of cobblestone worry Lower German deficit an example for Europe: Berlin BP oil spill costs spike above $3 bln Swiss show brings heirs to discuss Picasso, Klee Japanese probe yields insights into Moon's inner life More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Reclusive top mathematician turns down prize, again Japanese probe yields insights into Moon's inner life Lady Gaga leads race to get 10 million on Facebook Paris Hilton arrested after Brazil World Cup match: reports Awesome Nadal crushes Berdych to win Wimbledon More Most Viewed » Reclusive top mathematician turns down prize, again Aussie men shoot each other in buttocks 'to see if it hurts' Amputee cat gets bionic legs Fans gather for Michael Jackson death anniversary Who's right - the dolphin or the octopus? More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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