Whitehaven won't raise equity to finance BHP coal assets bid
The coal miner is getting its ducks in a row as it prepares to attempt a transformational acquisition.
Whitehaven Coal has given its strongest indication yet that it won't raise fresh equity to finance an acquisition of two BHP coal mines, should it emerge as the successful bidder in the Macquarie-led auction of the assets.
The ASX-listed miner has also commissioned its own polling of shareholders on the potential deal, in a bid to fight back against a campaign by UK hedge fund Bell Rock to prevent it from going ahead.
Capital Brief has viewed correspondence with a retail shareholder in which Whitehaven's head of investor relations rules out an equity raise to finance the acquisition.
In response to a question from the shareholder about the BMA acquisition opportunity (the BHP Daunia and Blackwater mines), the Whitehaven executive said the company couldn't comment directly on the deal but added it was keen to increase its exposure to metallurgical coal.
