Bandanna Says Number of Parties Remain in Strategic Review

Oct. 10 (Bloomberg) -- Bandanna Energy Ltd., an Australian coal developer, remains in talks with potential parties for a possible sale of the company or its assets and has recently received approaches from new groups.

“Bandanna confirms that there remain a number of parties involved in the strategic review process and that requests from additional third parties to investigate potential joint venture, off-take, investment and other opportunities have also recently been received and the company is evaluating the opportunities,” the Brisbane-based company said today in a statement. An Oct. 7 report from Dow Jones Newswires that the company’s review had ended with no adequate offers is “baseless,” it said.

Bandanna, which owns coal projects in Queensland state’s Bowen and Galilee Basins, holds the largest power-station coal inventory for any exploration company in Australia, according to its website. It said in May that a shortlist of bidders has been selected.

Bandanna, which is being advised by UBS AG, rose 4.2 percent to 98.5 cents at 10:39 a.m. in Sydney trading, trimming losses since the start of the year to 29 percent.

To contact the reporter on this story: Elisabeth Behrmann in Sydney at

To contact the editor responsible for this story: Rebecca Keenan at