Anglo-Australian mining giant BHP Billiton Ltd. (BHP) is
considering a $6 billion offer for Birmingham, Ala.-based Walter
Energy Inc. (WLT), the world's largest producer of coal used for
steel making, The Australian reported in its Saturday morning
edition.
The bid would support BHP's view that supply of coking coal will
be scarcer than iron ore in the next decade, the report said.
In July, Walter Energy shareholder Audley Capital Advisors LLP
urged the company's board to explore a sale because it lacked the
leadership to take advantage of an "unprecedented market
opportunity" after coal prices jumped.
Rival bidders for Walter Energy could include Anglo American PLC
(AAL.LN), Rio Tinto Ltd. (RIO.AU), Vale S.A. and Companhia
Siderurgica Nacional (SID), the report said.
Full story at
http://www.theaustralian.com.au/business/mergers-acquisitions/bhp-set-to-bid-6bn-for-us-coal-giant-walter-energy/story-fn91vdzj-1226167127979
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