Saturday, 17 Dec 2011
Bloomberg reported that Aquila Resources Ltd selling assets to help fund a AUD 5.2 billion iron ore project in Australia is in talks with two bidders for the sale of a coal asset.
Mr Martin Alciaturi general manager finance and corporate of the Perth based company said that “We remain in active dialog with two bidders and expect to announce a transaction in the near future.”
Aquila plans to develop the West Pilbara Iron Ore port, rail and mine project with joint venture partner AMCI Inc as demand for steel in China grows. The company is selling three assets, including the Washpool coking coal project in Australia and the Avontuur manganese project in South Africa.
Mr Alciaturi said that “We remain in active dialog with two bidders and expect to announce a transaction in the near future.”
Washpool is valued at AUD 263 million and Avontuur at AUD 120 million.
(Sourced from Bloomberg)
Showing posts with label sell assets. Show all posts
Showing posts with label sell assets. Show all posts
Saturday, December 17, 2011
Tuesday, September 27, 2011
Greece plans to sell two PPC coal plants - Minister
Tuesday, 27 Sep 2011
Reuters reported that Greece plans to sell two coal-fired power stations belonging to its dominant electricity utility PPC to comply with European Union competition rules and the terms of an EU/IMF bailout.
The European Commission has been pushing Greece for years to lift PPC's de-facto monopoly on production of lignite, a form of soft brown coal that forms the backbone of electricity production in the country.
PPC is the EU second-biggest and the world sixth biggest producer of lignite with total annual production of about 60 million tonnes. Opening-up by 40% of the lignite market has been part of the economic reforms required by the country EU/IMF bailout.
Mr George Papaconstantinou Energy Minister of Greece said "We believe the negotiations (with the EU on selling the units) will be completed in the next weeks."
On sale will be the units at Amyntaion, North West Greece and Megalopolis in the country south. According to PPC documents, the two units have a combined installed capacity of 900 MW. Mr Papaconstantinou did not elaborate on when the units would be sold.
Mr Papaconstantinou said apart from the two power station sales, Greece plans to grant PPC rivals a concession to run a new lignite field at Vevi. The cash-strapped country will also tell PPC to proceed to power swaps with other energy players.
He said that all these measures combined will get Greece close to the target of opening up 40% of the lignite market.
Mr Papaconstantinou reiterated that the government was planning to sell a stake in the company in 2012 preferably to a strategic investor and not through the stock exchange. He said that another sale option would be to divest stakes in individual PPC subsidiaries to investors.
(Sourced from Reuters)
Reuters reported that Greece plans to sell two coal-fired power stations belonging to its dominant electricity utility PPC to comply with European Union competition rules and the terms of an EU/IMF bailout.
The European Commission has been pushing Greece for years to lift PPC's de-facto monopoly on production of lignite, a form of soft brown coal that forms the backbone of electricity production in the country.
PPC is the EU second-biggest and the world sixth biggest producer of lignite with total annual production of about 60 million tonnes. Opening-up by 40% of the lignite market has been part of the economic reforms required by the country EU/IMF bailout.
Mr George Papaconstantinou Energy Minister of Greece said "We believe the negotiations (with the EU on selling the units) will be completed in the next weeks."
On sale will be the units at Amyntaion, North West Greece and Megalopolis in the country south. According to PPC documents, the two units have a combined installed capacity of 900 MW. Mr Papaconstantinou did not elaborate on when the units would be sold.
Mr Papaconstantinou said apart from the two power station sales, Greece plans to grant PPC rivals a concession to run a new lignite field at Vevi. The cash-strapped country will also tell PPC to proceed to power swaps with other energy players.
He said that all these measures combined will get Greece close to the target of opening up 40% of the lignite market.
Mr Papaconstantinou reiterated that the government was planning to sell a stake in the company in 2012 preferably to a strategic investor and not through the stock exchange. He said that another sale option would be to divest stakes in individual PPC subsidiaries to investors.
(Sourced from Reuters)
Wednesday, March 2, 2011
Severstal sells Warren, Wheeling and Sparrows Point US-based facilities
Wednesday, 02 March 2011
The Russian steel and mining company Severstal has announced that it has entered into a definitive agreement to sell three assets of its North American division Severstal North America, including the Sparrows Point, Warren and Wheeling facilities, to the Renco Group, a US-based private holding company.
The transaction is expected to be completed in March 2011, subject to customary completion conditions, including expiration or early termination of the Hart-Scott-Rodino waiting period.
As transaction consideration, Severstal will receive $125 million in cash, a $100 million secured note, and the repayment of $317 million of third-party debt at closing. Renco will also assume various Severstal financial liabilities including employee-related and environmental liabilities totaling $650 million.
The sale will leave Severstal North America focused on its Dearborn and Columbus facilities which are some of the most modern and efficient in North America, said the company.
The transaction is expected to be completed in March 2011, subject to customary completion conditions, including expiration or early termination of the Hart-Scott-Rodino waiting period.
As transaction consideration, Severstal will receive $125 million in cash, a $100 million secured note, and the repayment of $317 million of third-party debt at closing. Renco will also assume various Severstal financial liabilities including employee-related and environmental liabilities totaling $650 million.
The sale will leave Severstal North America focused on its Dearborn and Columbus facilities which are some of the most modern and efficient in North America, said the company.
Tags: USA , Russia , CIS , North America , Severstal , M&A , steelmaking
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