Coal group Churchill Mining has admitted this morning it had received no less than three separate approaches, but at the same time it denied speculation linking it with BHP Billiton.
It appears two of the approaches are for specific projects, while the other could lead to a full takeover of the business. Fairfax analyst John Meyer said Churchill's projects had attracted attention as the demand for coal increases, and suggested the company needed a strong partner to move forward. It has a large coal project in Indonesia and also owns a 20% stake in Spitfire Resources, which acquired the South Woodie Woodie manganese project in Western Australia.
News of the approaches has certainly lit up Churchill's shares - BHP or no BHP - and they have climbed 9.5p to 94.75p. BHP, meanwhile, is suffering from the general malaise in the rest of the sector, down 15.5p at £16.77.
