Chinese coal miner Yanzhou tables $3 billion offer for Australia's Felix Resources

Yanzhou Coal values Brisbane-based coal miner Felix Resources at $2.98 billion and secures the backing of the Felix board and controlling shareholders.

China's Yanzhou Coal on Thursday tabled a bid for Felix Resources, valuing the Brisbane-based coal miner at A$3.54 billion $2.98 billion.

Shandong-based Yanzhou is offering Felix shareholders A$16.95 per share in cash plus a dividend of A$1.00 per share, funded primarily from Felix's cash reserves. In case Felix does not have enough cash to pay the dividend, Yanzhou has guaranteed the payment. The dividend is payable in two equal tranches with the first declared along with the...

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