Reuters: Deals: SK Networks to buy Cockatoo Coal stake for $332 mln

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SK Networks to buy Cockatoo Coal stake for $332 mln Mar 12th 2012, 01:50 By Hyunjoo Jin SEOUL | Sun Mar 11, 2012 9:50pm EDT SEOUL (Reuters) - South Korea's SK Networks Co Ltd (001740.KS) said on Monday that it has decided to buy a 40 percent stake in Australia's Cockatoo Coal Ltd (COK.AX) for A$313 million ($332.36 million) as part of efforts to expand overseas resource development. The trading and resources unit of conglomerate SK Group SKGRP.UL said the deal, which it planned to complete in the first half, would provide access to an estimated 1.5 billion tonnes in coal reserves, equivalent to 15 times South Korea's annual coal imports. SK Networks said in a regulatory filing that other affiliates of the group were considering participating in the purchase, and that details would be decided after conducting further due diligence. SK Group in 2006 bought a 7.42 percent stake in Cockatoo. Shares in Cockatoo rose as much as 20 percent to a one-month high of A$0.44 on Monday. The stock is down from an all-time high of A$1.14 in 2008

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