- Stanmore Resources (SMR) receives approval from the Australian Foreign Investment Review Board to acquire the remaining 20 per cent interest in BHP Mitsui Coal
- BHP Mitsui Coal, Mitsui’s subsidiary, will now be wholly-owned by Stanmore and has been renamed to Stanmore SMC
- The acquisition is now unconditional and is expected to be finalised in the next five business days
- SMR shares were trading steady at $2.14 at 2:42 pm AEST
Stanmore Resources (SMR) has received approval from the Australian Foreign Investment Review Board (FIRB) to acquire the remaining 20 per cent interest in BHP Mitsui Coal from Mitsui.
BHP Mitsui Coal, Mitsui’s subsidiary, will now be wholly-owned by Stanmore and has been renamed to Stanmore SMC.
The company’s subsidiary Dampier Coal had signed a share sale agreement in August.
The purchase price upon completion is US$380 million (A$538 million) which will be reduced by any dividends paid to Mitsui by SMC before completion.
CEO Marcelo Matos said in August that the acquisition will allow Stanmore to consolidate its position as a leading metallurgical coal miner in the Bowen Basin.
Shares in Stanmore were up 0.93 per cent, trading at $2.16 as of 11:13 am AEST.
With approval received, the acquisition is now unconditional and is expected to be completed in the next five business days.
SMR shares were trading steady at $2.14 at 2:42 pm AEST.