South Africa's Coal of Africa Limited (CoAL) has completed another step in acquiring fellow junior miner Universal Coal, with the Competition Commission South Africa approving the merger.
In late November, CoAL's board of directors recommended that an offer be made to acquire Universal Coal for $91 million.
At the time Universal Coal was facing an unsolicited bid from Frankfurt-based IchorCoal to acquire the shares in the miner it does not already own.
CoAL secured final funding for the acquisition last week, which was subject to approval from the Australian Foreign Investment Review Board and CoAL's shareholders.
