Grande Cache gets $1-billion takeover offer from Chinese, Japanese companies

Grande Cache Coal Corp. (TSX:GCE) has signed a deal to be bought by a partnership formed by Chinese and Japanese companies for $1 billion in cash.

The Calgary-based coal miner said Monday that Winsway Coking Coal Holdings Ltd., listed on the Hong Kong Exchange, has paired with Japanese trading house Marubeni Corp. for the bid.

The friendly deal is part of a broader trend of Chinese companies acquiring resources around the world and in Canada, where they have bought major mining, oilsands, natural gas and potash assets in the last two years.

Grande Cache is a producer of metallurgical coal for the steel industry and holds coal leases covering more than 22,000 hectares in the Smoky River coalfield in west-central Alberta.

Read Full Article from CanadianBusiness.com

- Posted: 2011-10-31 10:25:58

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