Corrs Chambers Westgarth is advising Whitehaven Coal Limited (ASX:WHC) on the all scrip merger-of-equals with Aston Resources Limited (ASX: AZT), and its simultaneous acquisition of Boardwalk Resources, to create a leading independent coal producer. The merger is valued at approximately A$5.1 billion and represents one of the largest announced coal deals in the Australian market this year.
Code named Project Trifecta, the merger announced today, will create a leading ASX listed pure play coal company. The transaction will be implemented by scheme of arrangement, with the shareholders meeting to be held in March 2012.
Whitehaven is the leading coal producer located in the Gunnedah Basin of New South Wales. The merger will bring considerable synergies resulting from a consolidation of operations and material growth upside from five high quality and low cost producing mines.
The Corrs team bought their considerable experience in corporate M&A and energy and resources. The team was led by partner Andrew Lumsden, who said, “This is one of the most significant transactions in the Australian resources market this year. It was a great opportunity to work with a small focused team to deliver on a highly complex deal that is transformative and an exciting opportunity for our client.”
For further information, contact Kate Piper on +61 2 9210 6854.