Wescoal, Keaton merger gets Competition Commission go-ahead
JOHANNESBURG (miningweekly.com) – Wescoal has taken one step closer to closing its proposed R526-million buyout of Keaton Energy, following unconditional approval by the Competition Commission.
The acquisition, announced in February, will be settled through R351-million in cash and the balance through the issue of 87.80-million Wescoal ordinary shares.
Wescoal and junior coal miner Keaton Energy’s shareholders have already approved the deal.
Through the acquisition, Wescoal is setting its sights on being a key player in the consolidation of the South African junior coal mining sector to significantly grow the company.
The commission determined that the proposed transaction is unlikely to substantially prevent or lessen competition. In addition, the proposed transaction did not raise any public interest concerns.
The deal, which excludes Keaton’s assets marked for disposal, namely Leeuw Mining and Exploration and Amalahle, is expected to be completed during the first half of 2018.
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