Yanzhou Coal Reaches $2.9B Deal For Felix

Law360, New York (August 13, 2009, 3:44 PM EDT) -- Yanzhou Coal Mining Co. Ltd. has reached a $2.9 billion deal to acquire Australian coal mining firm Felix Resources Ltd. in a transaction that highlights the increasing interest Chinese companies have in acquiring natural resource assets.

Both companies announced the deal Thursday in the wake of rampant speculation that an agreement was pending. Under the terms of the deal, Yanzhou will pay Felix shareholders A$16.95 ($14.27) per share. Shareholders will also receive dividends of A$1.00 ($0.84) per share.

Yanzhou said the offer would be financed from...
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