A noble offer

Noble Group will run Gloucester Coal as an individual asset if its bid succeeds.

Noble Group has declared it will run Gloucester Coal as an individual asset if its takeover bid for the Australian miner succeeds.

The Hong Kong firm has denied rumours that it will seek to consolidate its Australian coal assets.

Last week Noble Group increased its cash offer for Gloucester Coal to $7.00 per share or $572 million.

The company currently holds a 21.7% blocking stake, which makes it unlikely a rival bidder will emerge with a higher offer.

As such, Gloucester Coal is advising its shareholders to accept the Hong Kong–based commodities trader revised takeover bid.

In a statement to the Australian Securities Exchange, Gloucester Coal said they had unanimously formed the opinion that Noble’s proposal is more in the interests of Gloucester’s shareholders than Gloucester’s bid for Whitehaven.

Recently Gloucester made a bid for Whitehaven coal; however, the deal will not proceed under the Noble deal unless the increased bid lapses.

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