Street Talk

Suitors scramble to get across Anglo’s $7.5b Queensland coal auction

Sarah Thompson, Kanika Sood and Emma Rapaport

Jul 22, 2024 – 5.00am

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Suitors sizing up Anglo American’s circa $US5 billion ($7.5 billion) Australian coal assets have the miner’s results day – July 25 – circled in their calendars, hoping for more details about the earnings hit from a massive fire at Grosvenor as they prepare for the data room to open.

Sources said Anglo American’s sell-side advisers, Morgan Stanley and Goldman Sachs, have told bidders to expect confidentiality agreements to be processed by the end of the month. Letters detailing bid deadlines as well as due diligence materials, should be out in August. Historically, first-round offers are set for six weeks after the data room opens.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.