Shenhua confirms plan to acquire Adaro
Thursday, December 6 2007 - 11:37 PM WIB
China?s top coal producer Shenhua Energy Co Ltd confirmed on Thursday it was eyeing to acquire Indonesia?s number two producer.
Medias quoted the company?s VP Wang Jinli as saying that it was considering taking over Adaro as it pursues resources overseas to feed China's robust economy.
He did not not elaborate on the company's plans for Adaro.
His comments come more than a week after a Hong Kong newspaper said Shenhua, which raised US$8.9 billion in a domestic initial public offering in September, was considering a US$4 billion bid for control of Adaro.(*)