Deals
Exxaro Cuts Price, Completes Total South Africa Coal Deal
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Exxaro Resources Ltd. said it finalized the purchase of Total SA’s South African coal unit for at least 19 percent less than first announced amid a slump in prices for the fuel.
Exxaro said on Tuesday it will pay $262 million in cash and make five annual payments totaling as much as $120 million, depending on average prices at South Africa’s Richards Bay Coal Terminal, the world’s largest single facility for the fuel. The Johannesburg-based company said the deal to buy Total Coal South Africa Pty Ltd. would cost $472 million when it was announced last year.