China's Winsway, Marubeni To Buy Grande Cache Coal

By: Associated Press
By: Associated Press

SHANGHAI (AP) -- China's Winsway Coking Coal Holdings and Japan's
Marubeni Corp. say they are planning to jointly acquire Grande
Cache Coal Corp. in Canada for about $1 billion.

The deal announced Monday in a notice to the Hong Kong stock
exchange calls for the two Asian trading houses to pay 10 Canadian
dollars ($10) a share for outstanding shares in the Calgary-based
mining company.

Winsway, a major importer of coking coal for China's steel industry, said it will hold 60 percent of Grande Cache while Marubeni will have 40 percent.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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