BHP Billiton hopes to sell its flagship Optimum South African coal mine by the end of June 2008. The world's largest diversified mining group said earlier this year, it wanted to sell the mine, to a black economic empowerment group, to help meet government requirements to include more black people in the economy. While the sale will take place later that originally forecast, BHP Billiton's President of Energy Coal South Africa, Wayne Isaacs says there was no particular reason for the delay. Sources close to the deal have indicated the mine could sell for around $365mil. BHP Billiton profits have risen considerably since 2004.
The Seven Network has bought a 10 per cent stake in the struggling wireless broadband operator, Unwired. The $10mil purchase raises the possibility of the internet telephone company Engin - which is in effect Seven's investment vehicle in telecommunications - pursuing a merger with Unwired. The deal also leaves open the door for Seven to increase its stake in Engin from just over 34 per cent to about 50 per cent, after the TV broadcaster used debt to fund Engin's purchase of just over 10 per cent of Unwired for about 40 cents a share. The move helps complete Seven's aims of creating a substitute for pay TV with internet protocol TV. The Seven Network has posted profits over the last five years with 2006 being the best.
Private equity firm Carlyle Group and its partner, Australia's National Hire Group, have raised their bid for equipment firm Coates Hire to about $1.7bil. Today's Financial Review reports the new bid to be worth six dollars forty a share, which is 15 cents higher than an offer already rejected by the company. Coates non-executive directors are believed to be meeting later today to discuss the bid. However the Fin Review says some Coates' shareholders have expressed frustration that the first offer was not put to shareholders before it was rejected. Coates, which hires out everything from portable toilets to generators to the building, mining and energy sectors, put itself up for sale in June. Coates profits have increased steadily since 2002.
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