Australia's Whitehaven Coal says it has selected a short-list of parties to complete due diligence on the company ahead of submitting binding takeover offers. "The formal process is expected to continue for a number of months and may or may not result in a final proposal being made and recommended by the board," Whitehaven said in a statement on Monday. Indicative bids for Whitehaven, which put itself up for auction in October were due last week. Sources close to the deal have told Reuters China-run Shenhua Group was expected to bid but some other potential suitors had dropped out of the process.
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