Gloucester Coal Agrees to Buy Donaldson for A$585 Million

Gloucester Coal Ltd., an Australian coal mining unit of commodity trader Noble Group Ltd., agreed to pay A$360 million ($380 million) in shares to buy Donaldson Coal Ltd. from Noble.

Gloucester will also seek to sell A$230 million in shares to pay Donaldson’s A$225 million debt and buy other assets from Noble, the Sydney-based company said today in a statement. The shares will be sold at A$9 a share to existing investors, 9.1 percent less than Gloucester’s last traded price.