Yanzhou Coal Offers $3.74bn for Whitehaven Coal

12 May 2011 (Last Updated May 12th, 2011 18:30)

Yanzhou Coal Mining of China has offered more than $3.74bn to acquire Australian coal miner Whitehaven Coal. Last year, Whitehaven Coal put itself up for auction, and was seeking offers of more than A$3.5bn ($3.74m) from interested bidders, reports Chinadaily. The 11 March e

Yanzhou Coal Mining of China has offered more than $3.74bn to acquire Australian coal miner Whitehaven Coal.

Last year, Whitehaven Coal put itself up for auction, and was seeking offers of more than A$3.5bn ($3.74m) from interested bidders, reports Chinadaily.

The 11 March earthquake and tsunami in Japan has affected Whitehaven with reduced demand for its products, following the firm's full-year net profit fall by 19% to $76m.

Yanzhou Coal is eyeing seven or eight projects in Australia, with plans to acquire thermal coal and coke coal projects.