Yanzhou Coal is in talks to take over Gloucester Coal, which would create one of the largest coal groups in Australia and provide the Chinese group with a backdoor listing of its local subsidiary.
The deal, which is the latest example of a Chinese company looking to secure Australian commodities, is important for Yanzhou as it would allow the group to list its subsidiary Yancoal on the local exchange without needing to undertake an initial public offering in nervous markets.
A listing was required by Canberra’s foreign investment review board as a condition for the Chinese group’s A$3.5bn takeover of Felix Resources in 2009. Yanzhou must relist at least part of Felix by the end of 2012.
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