Solar, EVs and a big exit from coal: 2024’s good climate news
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Australia’s Whitehaven Coal has submitted an application to the country’s Takeovers Panel alleging its shareholder, Bell Rock Capital, failed to disclose relevant interest it holds in the coal miner.
Bell Rock, a London-based hedge fund and a minority investor in Whitehaven, had previously vocalized against the miner’s decision on the recent $4.1 billion acquisition of BHP’s metallurgical coal mines.
Whitehaven has written to the Takeovers Panel about concerns on the activist investor, who has been “seeking to exercise control or influence” its affairs.
Bell Rock earlier wrote to Whitehaven raising various questions and concerns regarding the proposed acquisition, a statement from the Australian government’s panel said on Wednesday.
Whitehaven has stated that Bell Rock “misled” shareholders by saying in a letter on Oct. 12 that it manages just under 5% of the miner’s stock, while it holds a total interest of around 11%, the panel added.
Bell Rock did not immediately respond to a Reuters request for comments.
(By Rishav Chatterjee; Editing by Eileen Soreng)
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