Australia green lights Banpu coal bid

SYDNEY (AFP) -- Australia has approved Thailand-based Banpu's 2.1 billion US dollar bid for Centennial Coal, the miner said Tuesday, clearing the way for the friendly takeover.

"Banpu Minerals Singapore, a subsidiary of Banpu Public Company Ltd, has received unconditional approval from the Australian treasurer for its off-market takeover bid for Centennial," the coal miner said in a statement to the stock market.

Shareholders from Banpu and Centennial have already approved the deal, which gives Banpu control of 10 coal mines in Australia and is among Thailand's largest ever overseas takeovers.

-- (c) Copyright AFP 2010-09-21

Soon to be sold on to the Chinese at a significant profit no doubt.

Another step towards the inevitable Chinese colonisation of Australia.

Soon to be sold on to the Chinese at a significant profit no doubt.

Another step towards the inevitable Chinese colonisation of Australia.

dumbest comment of the day.

Banpu are buying Chinese mines, in China. No intention of selling them. They are one of the biggest pan asian miners, and this is their first step into Australia, not their last.

Soon to be sold on to the Chinese at a significant profit no doubt.

Another step towards the inevitable Chinese colonisation of Australia.

dumbest comment of the day.

Banpu are buying Chinese mines, in China. No intention of selling them. They are one of the biggest pan asian miners, and this is their first step into Australia, not their last.

Totally agree with your comments. However, this is Banpu's second foray into the Australian coal mining industry, having bought a minority stake in Oakbridge Ltd in the mid-90s and subsequently selling out.

http://www.alacrastore.com/storecontent/Thomson_M&A/Banpu_PCL_acquires_a_minority_stake_in_Oakbridge_Pty_Ltd_from_Enex_Oakbridge_Pty_Ltd-186446040

http://www.theherald.com.au/news/local/news/general/25bn-bid-for-hunter-mines-by-thai-company/1876936.aspx?storypage=2

I luckily bought 1,000 BANPU shares last month- they were edging up slowly and this news and really made them jump nicely- up 43,000 baht so far which is better than a slap in the face with a wet fish.