On March 8, steelmaking coal producers Vancouver, Canada-based Western Coal Corp. (Western) and Florida, US-based Walter Energy (Walter), Inc. announced that Western's shareholders have voted in favor of the proposed acquisition of the company by Walter for C$3.3 billion.
According to the company releases, the proposed transaction was approved by over 99.5 percent of the shareholders.
Completion of the arrangement remains conditional on approval by the Supreme Court of British Columbia and satisfaction of other customary conditions, including regulatory and stock exchange approvals. Subject to the satisfaction or waiver of all conditions precedent, it is currently anticipated that the arrangement will be completed on or about April 1, 2011. ,
As SteelOrbis previously reported, that agreement was first announced in November last year.
Walter recorded US$1.6 billion revenues in 2010 on record coking coal sales of 7.2 million mt. Western sold 3.81 million mt of coal, achieving C$594.4 million in sales revenues, in the first nine months ended on December 31, 2011.