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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| South32 Limited | LSE:S32 | London | Ordinary Share | AU000000S320 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -3.90 | -2.22% | 171.40 | 171.20 | 171.50 | 174.30 | 171.00 | 171.00 | 27,847 | 09:41:35 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 7.77B | -173M | -0.0376 | -88.56 | 15.3B |
From Apr 2019 to Apr 2024
TIDMS32
RNS Number : 5529C
South32 Limited
18 April 2017
18 April 2017
ACQUISITION OF THE METROPOLITAN COLLIERY WILL NOT PROCEED
South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) announces that the proposed acquisition of the Metropolitan Colliery and associated 16.67% interest in the Port Kembla Coal Terminal from an Australian subsidiary of Peabody Energy Corporation will not proceed.
On 23 February 2017, the ACCC issued a Statement of Issues, concerned that the proposed acquisition may substantially lessen competition in the supply of metallurgical coal to Australian steelmakers.
South32 has always maintained that metallurgical coal is a globally traded commodity. Given this, South32 is not prepared to make significant concessions in favour of Australian steelmakers that would likely be required to mitigate the competition concerns. To do so would be contrary to the global market in which metallurgical coal producers compete and would adversely affect the value proposition of the acquisition.
South32 Chief Executive Officer Graham Kerr said: "Our approach to acquisitions is always opportunistic and seen through the lens of creating value for our shareholders.
"To proceed with the acquisition, in light of the anticipated concessions, would have compromised the merits of the transaction and this is not something we are prepared to do."
About South32
South32 is a globally diversified mining and metals company with high quality operations in Australia, Southern Africa and South America. Our purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources. We have a simple strategy to maximise the potential of our assets and shareholder returns by optimising our existing operations, unlocking their potential and identifying new opportunities to compete for capital.
Further information
INVESTOR RELATIONS Alex Volante Rob Ward T +61 8 9324 9029 T +61 8 9324 9340 M +61 403 328 M +61 431 596 408 831 E Alex.Volante@south32.net E Robert.Ward@south32.net MEDIA RELATIONS Diana Wearing Hayley Cardy Smith T +61 8 9324 9008 T +61 8 9324 M +61 409 448 9198 288 M +61 436 482 E Hayley.Cardy@south32.net 290 E Diana.Smith@south32.net
Further information on South32 can be found at www.south32.net.
JSE Sponsor: UBS South Africa (Pty) Ltd
18 April 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQEVLBFDZFBBBX
(END) Dow Jones Newswires
April 18, 2017 02:00 ET (06:00 GMT)
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