Trading Room home page

Whitehaven downplays Shenhua offer reports

Market watch top headlines

Australian reports

World reports

Stocks to watch

AMP, BHP, CBA, QAN, RMD, RIO,

AAP

2012-12-19

Whitehaven Coal says it has held talks with China's largest coal company, Shenhua Group, but no offers are on the table.

Responding to speculation about Shenhua wanting to buy Whitehaven's Watermark coal assets in return for equity, the Australian miner said it routinely held talks with other coal companies about possible business development opportunities.

It said that while there were some synergies with Shenhua, it had not received any proposal from the Chinese miner.

"Whitehaven has had such discussions at various times with Shenhua, because of the obvious potential synergies between the assets of each company in the Gunnedah Basin," Whitehaven said in a statement on Wednesday.

"Whitehaven has had no proposals from Shenhua to sell its assets to Whitehaven, nor has there been any proposal from Shenhua to acquire Whitehaven."

The Australian Financial Review has reported that state-owned Shenhua had approached Whitehaven about buying some of its coal assets but was told to come back with a full takeover offer.