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Saturday, October 8, 2011

Bandanna Energy cancels sale process after bids fall short - Report

Saturday, 08 Oct 2011

Dow Jones quoted a person familiar with the matter said Bandanna Energy Ltd has failed to ride the wave of consolidation taking place in Australia coal sector closing its books to potential suitors after a sales process didn't generate adequate bids.

It comes just six weeks after Bandanna told investors it was in discussions with several parties over possible transactions including asset sales, and had received new interest from companies with big mining operations in Australia and overseas. Bandanna which holds several exploration permits in the Bowen and Galilee basins of coal-rich Queensland State appointed UBS AG earlier this year to advise on the sales process.

The person told Dow Jones Newswires that "There's no longer a formal process going on"

Bandanna failed sales process underscores how buyers are prioritizing deals for companies with producing mines and the ability to export coal to high-growth markets in North Asia in the near term.

(Sourced from Dow Jones)

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