China Shenhua plans US$4 bln bid for Indonesian coal producer

Hong Kong (Antara News) - China's biggest coal producer, China Shenhua Energy, is planning a 4 billion US dollar bid for a controlling stake in an Indonesian coal producer, the South China Morning Post said Monday.

China Shenhua was asked earlier this year to buy a small stake in Adaro Indonesia ahead of its 750 million US dollar listing on the Jakarta bourse next year, the newspaper was quoted by Thomson Financial as saying, citing unnamed sources.

"They were holding out for more," the report quoted one of its sources as saying.

The cashed up China Shenhua, which raised 68 billion yuan from an initial public offering in Shanghai in September, has been looking at possible acquisitions overseas.

Earlier this month, the company was reportedly holding talks about joining a key coking coal project in Mongolia. (*)
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