JSE-listed Wescoal on Thursday said negotiations regarding a potential buyout of Universal Coal by a consortium that Wescoal is a part of, were ongoing.
“Negotiations regarding the conclusion of detailed transaction agreements are still in progress,” it said in a statement.
Wescoal in October last year announced that it had joined a consortium, led by Ata Resources, which had made an indicative offer to acquire Universal for A$0.35 a share.