Yankuang Energy Group Company Limited (SEHK:1171) intends to acquire remaining 37.74% stake in Yancoal Australia Ltd (ASX:YAL) from Cinda International Hgb Investment (Uk) Limited, China Shandong Investment Limited, Glencore Coal Pty Limited and other shareholders for $1.8 billion on April 29, 2022. As per the terms, Yankuang Energy Group Company Limited offered $3.6 for each share of Yancoal. The acquisition is subject to shareholder, regulatory approvals. The board of Yankuang has approved the transaction. As of June 7, 2022, Independent Board Committee appointed by the board of directors of Yancoal unanimously concluded that the current proposed terms of the Potential Transaction would not be in the best interests of Yancoal's minority shareholders. Gilbert and Tobin, and Freshfields Bruckhaus Deringer LLP, Hong Kong acted as legal advisors, Deloitte Corporate Finance Pty Limited acted as a strategic and commercial adviser to Yancoal. Herbert Smith Freehills acted as a legal advisor to Yankuang Energy Group Company Limited.

Yankuang Energy Group Company Limited (SEHK:1171) cancelled the acquisition of remaining 37.74% stake in Yancoal Australia Ltd (ASX:YAL) from Cinda International Hgb Investment (Uk) Limited, China Shandong Investment Limited, Glencore Coal Pty Limited and other shareholders on September 8, 2022.