Sev.en GI's deal for majority in Coronado Global Resources falls through

Coronado Global Resources

25/06/2024 12:30

PRAGUE, June 25 (Reuters) - A deal agreed in 2023 for
Czech billionaire Pavel Tykac's Sev.en Global Investments to
take a 51% stake in coal miner Coronado Global Resources from
the Energy & Minerals Group (EMG) has fallen through as a
regulatory deadline expired, the companies involved said on
Tuesday.
    Metallurgical coal miner Coronado Global Resources  CRN.AX 
has three mining complexes in Australia and the United States
and has annual coal production of 16 million metric tons.
    "EMG has terminated the agreement in light of certain
conditions not being satisfied by the Outside Date (including
receipt of Foreign Investment Regulatory Board regulatory
approval)," EMG said in a statement, adding the outside date was
June 22.
    Sev.en said it was not seeking to extend or renegotiate the
transaction. It said no party has raised any regulatory concerns
in the review process.
    "We have carefully reassessed the transaction on the expiry
of the outside date and concluded that terminating the deal is
in Sev.en Global Investments' best interests," Sev.en Chief
Executive Alan Svoboda said in the statement.
    Shares in Coronado have lost a third since the deal was
announced last year.    
    The financial terms of the deal were not disclosed.

 (Reporting by Jan Lopatka, Editing by Louise Heavens)
 ((jan.lopatka@thomsonreuters.com; +420 234 721 614; Reuters
Messaging: jan.lopatka.thomsonreuters.com@reuters.net))