Regional: Banpu offers Hunnu Coal for A$1.8 per share

Thai firm Banpu Public Company Limited announced on Monday that its 100% owned subsidiary, intends to make cash offers for all of the shares in Australian-listed firm Hunnu Coal Limited of A$1.80 cash per share

The consideration will be financed through a combination of cash reserves and available capacity under existing credit facilities, the company said.

All Hunnu Directors intend to accept the Banpu?s Share Offer in respect of any Hunnu shares held by them, or on their behalf, in the absence of a superior proposal. If Banpu makes the Option Offer, all Hunnu Directors also intend to accept Banpu?s Option Offer in respect of any Hunnu options held by them, or on their behalf, in the absence of a superior proposal, Banpu said.

The offers will be conditional upon certain requirements, including Banpu obtaining required regulatory approvals. Banpu is strongly supportive of the Hunnu management team and its current strategy, and is excited to potentially increase its exposure to the Mongolian coal sector, it said. (romel)