TerraCom closes Universal Coal acquisition

Australian coal miner TerraCom Ltd.Asian Metal Copyright Universal Coal's de-listing process from the Australian stock exchange will begin within the next few weeks, TerraCom added.Asian Metal Copyright said on Friday it had completed its unsolicited offer to acquire UK-based Universal Coal PLC for A$175 million ($105.Asian Metal Copyright said on Friday it had completed its unsolicited offer to acquire UK-based Universal Coal PLC for A$175 million $105.Asian Metal Copyright81 million).

TerraCom, already the largest shareholder in Universal Coal, said it had received 90% of acceptances related to Universal Coal's outstanding shares and would now acquire the rest.

Universal Coal's de-listing process from the Australian stock exchange will begin within the next few weeks, TerraCom added.

TerraCom had offered to acquire the shares it did not own in Universal Coal in early February, an approach that was rebuffed by Universal Coal on the grounds it "significantly undervalued" the coal miner.

Under the cash-and-stock deal, each shareholder of Universal Coal was offered 10 cents in cash and about 0.6026 new TerraCom shares.

.Asian Metal Copyright TerraCom, already the largest shareholder in Universal Coal, said it had received 90% of acceptances related to Universal Coal's outstanding shares and would now acquire the rest.Asian Metal Copyright