Share News 13 May 2010
Gloucester Coal (GCL) has exploration and mining activities in the Gloucester Basin. GCL also exports thermal and coking coal products.
GCL has formally agreed with Macarthur Coal (MCC) to terminate the latter’s takeover bid.
MCC did not vary or extend its bid as GCL had hoped, dooming the bid in its current form.
The decision by the two parties now clears the path for GCL’s largest shareholder, Noble Group, to increase its stake in GCL to 100%.
GCL would be a fantastic stock to choose in a bull market as its Australian share price has quadrupled since the beginning of 2009. It last closed at $11.77.