Gloucester Coal receives 0mln bid from Xstrata

Sydney, Apr 10: Australian coal miner Gloucester Coal Ltd. on Tuesday recommended shareholders accept a A1 million (0 million) offer from a subsidiary of Anglo-Swiss miner Xstrata Plc .

Gloucester Coal said the Xstrata Coal offer of A.75 a share was at a 33 percent premium to the one-month volume weighted average price of Gloucester Coal shares, and 27 percent above its April 3 closing price of A