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Keaton, Wescoal shareholders approve acquisition

The shareholders of both Wescoal and Keaton Energy have approved Wescoal’s proposed R525-million buyout of Keaton Energy. The acquisition, announced in February, will be settled R350.39-million in cash and the balance through the issue of 87.6-million Wescoal ordinary shares. The transaction merger notification was filed with the Competition Commission in April and a decision is expected to be made before July 6.