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China's Yanzhou, Australia's Gloucester Coal In Merger Talks : Reports

China-based Yanzhou Coal Mining Co. is reportedly in talks with Australian coal miner Gloucester Coal Ltd. (GCL.AX) to create a coal mining giant in Australia.

According to the Wall Street Journal, the merger is valued at as much as A$8 billion or about $7.9 billion.

Yancoal Australia, a subsidiary of Yanzhou Coal, reportedly plans to take over Gloucester in order to merge both companies' thermal and coking coal assets in New South Wales and Queensland. Through the merger, Yanzhou may seek listing in Australia, the reports added.

GCL.AX last traded at A$7.03 on the Australian Securities Exchange.

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