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.
New Hope Corp., an Australian coal producer, said the process of selling the company remains on track with genuine interest from third parties.