Winsway Coking Coal, a Chinese coal importer and distributor, has joined Marubeni, the Japanese trading house, in an agreed C$1bn ($1bn) cash bid for Grande Cache Coal, an Alberta-based producer of coking coal, used in steelmaking.
Hong Kong-listed Winsway’s core business is buying, washing and transporting coking coal in China’s Inner Mongolia province and in neighbouring Mongolia.
The deal marks its biggest overseas investment.
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