⁍ The deal had to secure approval from South Africa’s mines ministry and competition authorities.
⁍ Competition Commission last month recommended the Competition Tribunal approve the deal.
– Australia’s Seriti Resources has agreed to buy a controlling stake in South Africa’s South Africa Energy Coal for $575 million in cash, a deal that has been in the works for more than a year, Reuters reports. South32, the world’s third-largest coal mining company, had originally agreed to sell SAEC to Seriti for $500 million in November last year. But the deal has been hung up in the approval process from South Africa’s mines ministry to the Competition Tribunal. The Competition Commission last month recommended the deal be approved. South32’s CEO says he’s still “positively optimistic” the deal will close this year.
Source: https://www.reuters.com/article/mining-jhb-indaba-south32/south32-ceo-optimistic-about-finalising-south-african-thermal-coal-exit-this-year-idUSL8N2GY4C5