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Xstrata Coal Bid to Acquire Austral Coal Limited

Sep 18 2007

Xstrata Coal Pty Limited has announced its intention to make an off-market takeover cash bid to acquire 100% of shares in Austral Coal Limited for A$1.83 per share, valuing Austral at approximately A$557M on a fully diluted basis.

Under Xstrata Coal’s proposal, Helios Australia Pty Limited, a subsidiary of Xstrata Coal, will offer to acquire all of the shares in Austral.

Xstrata Coal, Austral and Helios have signed a bid implementation agreement under which standard exclusivity arrangements have been agreed. The Offer is subject to limited conditions, including an 80% minimum acceptance condition and regulatory approval.

http://www.xstrata.com

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