JP Morgan, Thai miner Banpu buy stake in Australia's Centennial Coal
domain-B.com, 06 May 2010
Thailand's biggest coal miner, Banpu PCL BANP said yesterday that it had bought a 14.9-per cent stake in Australian miner Centennial Coal, while J P Morgan has taken another 10 per cent.
While confirming the deal today, Centennial said that Banpu had acquired a long term strategic but did not disclose the financial terms of the transaction.
Shares of Centennial jumped more than 20 per cent to $4.82 in early trade today after JP Morgan also took a 10-per cent stake at a reported 25-per cent premium to yesterday's closing price of $3.99.
It is not clear if JP Morgan has acquired the stake as a proxy for another buyer so it could launch a takeover of the company.
JP Morgan also took a 5.04 per cent stake yesterday in Perth miner Cape Lambert Resources.
jp morgan, thai miner banpu buy stake in austr
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