News: Whitehaven bids $172M for Coalworks

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    Whitehaven Coal (ASX:WHC) has made a $172 million bid for coal explorer Coalworks Limited (ASX:CWK). Whitehaven currently has a 17.3 per cent interest in Coalworks.



    Whitehaven is offering $1.00 for each Coalworks share in an off-market takeover. Coalworks last traded at $0.855.



    Whitehaven’s chief says the acquisition of Coalworks represents a logical next step which will allow it to consolidate its development and exploration portfolio.



    In the first half of the 2012 financial year Whitehaven Coal reported a net profit of $19.9 million.


 
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Currently unlisted public company.

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