After every coal-mining deal this year left the buyers with losses, Australia’s New Hope Corp. is still managing to attract multiple takeover offers that would lead to a record payoff.
The takeover of gas producer Arrow Energy Ltd. by Royal Dutch Shell Plc and PetroChina Co. will generate a A$326 million ($308 million) profit for shareholder New Hope Corp., giving the coal miner more cash for acquisitions.
New Hope Corp. rose to a record in Sydney trading after the Australian coal producer valued at A$5.1 billion ($4.9 billion) received takeover offers from unidentified companies.
Tata, India’s largest business group, may bid for New Hope Corp., the Australian company valued at A$4.9 billion ($5.1 billion), to secure thermal-coal mines, three people familiar with the plan said.
New Hope Corp. , an Australian coal producer that this week won support to buy Northern Energy Corp., said first-half profit rose almost fourfold after the sale of its stake in Arrow Energy Ltd.