Bloomberg, citing person with knowledge of the matter, reported that Yanzhou Coal Mining Co, the Chinese coal producer that approved its first debt sale this month, plans to acquire Australia’s Gloucester Coal Ltd for at least AUD 2 billion.

As per report “The cash and stock bid for Gloucester, which has a market value of AUD 1.43 billion will be made by Yancoal Australia, Yanzhou Coal’s Brisbane based unit.”

According to data compiled by Bloomberg, Noble Group Ltd, a Singapore based commodities supplier, owns 64.5% of Gloucester,

A purchase of Gloucester would follow its AUD 3.1 billion acquisition of Felix Resources Ltd in 2009, in what was China’s biggest takeover of an Australian company at the time.

(Sourced from bloomberg.net)