Energy & Minerals Group terminates Sev.en's Coronado takeover
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The news: The Energy & Minerals Group (EMG) has terminated an agreement for Sev.en Global Investments to acquire its majority stake in ASX-listed Coronado Global Resources, after certain conditions were not satisfied.
The numbers: In September 2023, Czech investment group Sev.en agreed to acquire a 51% interest in US coal producer Coronado from private equity firm EMG for an undisclosed price.
The agreement had an outside date for completion by 22 June, and EMG terminated the deal after certain conditions were not satisfied, including receipt of regulatory approval by the Foreign Investment Review Board.
The context: Coronado, which mines coal in Queensland's Bowen Basin and the Central Appalachian region of the US, was founded in 2011 by EMG along with Garold Spindler and James Campbell.
Se.ven's existing investments in Australia include the Vales Point coal-fired power station in NSW and Western Australia’s Lake Way potash project.
The source: ASX announcement
