Dacheng Attorneys Advise Yancoal Australia Limited on Acquiring Gloucester Coal Ltd and Submit Opinion Letter to Supreme Court of Victoria

In June 2012, Shanghai-based senior partner QuFeng and his team advised Yancoal Australia Limited on its acquisition of Gloucester Coal Ltd.. An opinion letter submitted by the team to the Supreme Court of Victoria proved to be crucial for gaining the court’s approval on the deal.

The acquirer Yancoal Australia Limited is a wholly-owned subsidiary of Yanzhou Coal Mining Company Limited, with the latter listed in China, Hong Kong and the US. Gloucester Coal Ltd., the acquiree, is listed on the Australia Securities Exchange. Following the consolidation between the two, the surviving company will replace Gloucester on the exchange.

On June 13 2012, the two parties received an order from the Supreme Court of Victoria announcing its approval on the deal. Before this, the deal also received approval or consent from relevant Chinese authorities, including State-owned Assets Supervision and Administration Commission of Shandong, National Development and Reform Commission and the Ministry of Commerce, as well as Australian Treasury Department, Australia Securities Exchange and shareholders of Gloucester Coal Ltd. So far, all necessary requirements and approvals have been satisfied or acquired. The post-acquisition Yancoal Australia Limited will be listed on Australia Stock Exchange at the end of June.