TerraCom inches into Universal ownership

Suitor TerraCom has gained a 66% interest in the voting rights of takeover target Universal Coal.

“We have been overwhelmed with acceptances as our offer comes to a close this week. TerraCom sought to provide Universal security holders with the opportunity to consider the investment proposition of a stronger merged group and the Universal register has spoken with their acceptance,” said TerraCom deputy chairperson Craig Ransley.