The New York Times
Xstrata Near to Buying Colombian Coal Miner: Report
January 11--London-listed miner Xstrata is close to winning the $8 billion auction for Colombia's second-biggest coal miner, British newspaper The Sunday Times said, without citing sources.
Encuentra aquí lo último en Semana
The newspaper said Xstrata was the only suitor to table a fully-financed offer for the business, which is being sold by family-owned U.S. group Drummond, by last month's deadline.
Bank of America-Merrill Lynch, which is running the auction, extended the timeframe to allow other bidders including London-listed Vedanta Resources and India's Essar Global more time to arrange financing, the paper said.
However, they have struggled to do so, putting Xstrata in pole position to secure a deal, it added.
Xstrata declined to comment.
Brazil's Vale, Glencore International and mining investment vehicle Vallar also previously showed interest in Drummond's Colombian operations, sources familiar with the matter have said.
Semana International delivers news about Colombia in English. Find more in our home.
