Yanzhou's Acquisition of C&A Seems Fairly Priced, but Increasing Leverage Is a Concern
Yanzhou Coal plans to expand its Australian operation with the acquisition of Coal & Allied, a subsidiary of Rio Tinto that owns majority interests in three coal mines in New South Wales, through its 78%-owned subsidiary, Yancoal Australia. The proposed transaction is likely to more than double Yancoal Australia’s current production volume and slightly improve its returns, given higher EBITDA margins at the targeted assets. We think the deal is reasonably priced, with the sharp rebound of co...
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