PE-invested Whitehaven Coal goes up for sale
Independent Australian coal mining corporation Whitehaven Coal, 27% invested by US PE firm First Reserve, will entertain acquisition bids in the light of ongoing interest from corporate suitors – a decision that could lead to an nearly A$3.5 billion ($3.4 billion) transaction if brokered, according to reports.
ASX-listed Whitehaven is set to launch a formal process to assess the bids, the company said in a release. Local media pegged corporate players Peabody Energy from the US, PRC-owned Shenhua Group and China’s Yanzhou Coal Mining Co. as initial potential bidders. Media also noted that First Reserve, which specializes in energy and related infrastructure investments, denied reports that it also looked to sell its minority stake.
Whitehaven shares rose 8.9% to A$6.96 ($6.88) following the news. Australia-based analysts have since suggested that suitors could bid up to A$8 ($7.90) in their pitches, valuing Whitehaven at A$3.42 billion ($3.38 billion).
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