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Japan's Jera signs binding deal to buy EDF Trading's coal business

Published 21/12/2016, 07:30
© Reuters. JERA Co President Kakimi poses for a picture before the Reuters Global Commodities Summit in Tokyo
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(Reuters) - Japan's Jera Co, a fuel joint venture of Tokyo Electric Power (T:9501) and Chubu Electric Power (T:9502), agreed to acquired the coal and freight trading business of France's EDF (PA:EDF).

Terms of the deal were not disclosed, but subsidiary Jera Trading and EDF Trading, the French state-controlled company's trade arm, aim to complete the acquisition by April, EDF Trading said in a statement.

EDF Trading will hold 33 percent of the shares in Jera Trading.

After the transaction is complete, Jera Trading will become on the largest coal traders globally with total coal sales of approximately 60 million tonnes annually, the statement said.

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