(EnergyAsia, March 5 2013, Tuesday) — Australia’s Endocoal Limited said its shareholders have voted overwhelmingly in favour of its A$71 million takeover by the local subsidiary of China’s U&D Mining. (US$1=A$0.98).

The Queensland state coal explorer said 91.6% of its shareholders voted in favour of the offer by U&D Mining Industry (Australia) Pty Ltd at a meeting in Sydney last week.

The company needed to win at least 75% of the votes to advance the proposed takeover.

Barring any objection by the Chinese authorities, U&D Mining, a subsidiary of China’s Yima Coal Group, will complete the deal by acquiring all 87 million Endocoal shares at A$0.38 each. Australia’s Foreign Investment Review Board (FIRB) approved the proposed takeover last December.

Listed on the Australian Securities Exchange, Endocoal is focused on exploring and developing coal deposits in Queensland’s Bowen Basin. It was in talks with several companies last year to sell its shares.