Australia gives green light to huge Chinese coal takeover

Global Times Thursday 8th March, 2012

Australia yesterday cleared the way for China's Yancoal to take over miner Gloucester Coal in a multi-billion-dollar deal that gives China a greater foothold in the resource-rich country.Treasurer Wayne Swan said the country's foreign investments watchdog had green-lighted the deal under strict conditions that the new company remain headquartered i...

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