Caledon Resources agrees to be bought by Chinese investment group

Australian coking coal producer Caledon Resources said it agreed to be bought by a Chinese investment group for 313.1 million pounds ($507 million), in a long-awaited deal which has finally met Chinese regulatory approval.

China’s Guangdong Rising Assets Management Co (GRAM) first approached Queensland-focused Caledon with a 112 pence per share offer in November to which Caledon agreed in principle, subject to approval from the Chinese regulators.