https://www.miningweekly.com

Afrimat changes its mind on Universal Coal takeover

3rd July 2019

By: Marleny Arnoldi

Online News Editor

     

Font size: - +

JSE-listed minerals and construction materials group Afrimat has decided not to pursue an acquisition of ASX-listed midtier coal mining company Universal Coal.

In April, Afrimat made a nonbinding indicative offer to buy the entire issued share capital of Universal Coal for $0.27, or A$0.40 apiece, as part of a diversification strategy.

The company in a statement on Wednesday said it was pulling its offer after a due diligence process, owing to the size and complicated nature of the transaction.

Universal’s share price fell by around 16% to A$0.25 apiece after Afrimat’s offer withdrawal.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ZF Aftermarket
ZF Aftermarket

ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.

VISIT SHOWROOM 
ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.042 0.77s - 110pq - 2rq
Subscribe Now