PE firms sell down Whitehaven Coal stakes
First Reserve Corp., an energy-focused PE investor, and AMCI International have sold A$390 million ($416 million) of shares in Australian miner Whitehaven Coal, prompting a 5% fall in its share price on Wednesday. The partial exits come after Whitehaven failed to find a buyer this year, Reuters reported.
The two firms between them sold 65 million shares, or about 13.15% of the company, at A$6.00 per share. Following the sell down, First Reserve and AMCI remain Whitehaven's two largest shareholders, with 14.7% and 9.7%, respectively.
A five-month auction process - at the start of which the company was tipped to go for around A$3.5 billion - came to an end in May as a deal failed to materialize. There were, however, six bidders - supposedly including China's Yanzhou Coal, Indian conglomerate Aditya Birla and Peabody Energy.
Consequently, Whitehaven's stock tumbled from A$7.35 in January to A$5.22 in May. Shares closed at A$5.99 on Wednesday, down 9% year-to-date.
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