A provincial Chinese sovereign wealth fund is acquiring Caledon Resources, an Aim-quoted miner of coking coal in Australia, Financial Times reports. China’s Guangdong Rising Assets Management (GRAM) offered 112 pence per share for Queensland-focused Caledon in November 2010.
The offer values Caledon at £313.1 million. Caledon’s largest shareholder Polo Resources, which owns a 29.8% stake, expects to make £100 million from the transaction.
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