BRITAIN'S largest coal producer, UK Coal, has moved to quash takeover speculation, saying it was not in talks to be bought.
The group has seen weekend speculation that private equity firm HG Capital - in consultation with former UK Coal chairman Richard Budge - had tabled a £160m takeover offer.
Richard Budge was the founder and chairman of UK Coal when the firm bore his name - RJB Mining - but left in February.
There has been increasing speculation Mr Budge has been attempting to gain financial backing to regain control of the firm.
But in a statement, UK Coal said it was not in discussions with any third party and "remains committed to delivering on its strategy".
UK Coal, which for the six months to the end of June reported a pre-tax loss of £10.8m, recently announced a strategy named Project 105 to cut production costs by 20 per cent.
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