Yanzhou Coal amends its takeover plan

Oct. 14 MetalBiz--Yanzhou Coal Mining Co has resubmitted its takeover application of Felix Resources Ltd to Australia's Foreign Investment Review Board, said Oriental Morning Post, citing Yanzhou Coal's asset purchase report on September 13th.

The deal is expected to be carried out by the end of 2009, according to the report.

Yanzhou Coal announced on Aug 13 to buy Felix through its Australian subsidiary for around A$3.3bln ($2.8bln) to secure supplies, making the deal the largest takeover of an Australian company by a Chinese firm.

The September 13 report amended the financing plan of the takeover. All capital needed for the purchase will be lent by Bank of China's Sydney branch or a banking consortium led by Bank of China, with an amount of 20bln yuan ($2.9bln).

In its earlier application to Australia's foreign investment regulator on August 13, Yanzhou Coal said it would borrow A$1.67bln from bank loans and provide an additional investment of A$834mln, plus an entrusted loan of A$2.5bln to its Australian subsidiary for the purchase.

There were no "material amendments" to the application and it won't affect timing for the completion of the takeover, Brisbane-based Felix said on October 14 in a statement to the Australian stock exchange.

Yanzhou said in a September 11 statement to the Hong Kong stock exchange it's been in talks with authorities in China and Australia about preparing and submitting the relevant details, it is said that.