CRN -7.05%: shares in the coal miner were on the back foot today after announcing potential takeover talks with US giant Peabody had ended without a proposal. While there was no reason provided, Peabody has recently taken issue with Queensland’s royalty tax changes, while Coronado’s lack of thermal coal was also thought to be a sticking point. Coronado announced plans to move back into thermal coal with the CEO talking up the long-term price support, currently trading at a premium to coking coal.
MM is neutral to bullish CRN
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