Glencore asked the Takeovers Panel on Thursday last week to halt Centennial's takeover of Austral Coal, claiming the New South Wales miner was misleading when disclosing the value of its shares.

The appeal followed Centennial's announcement late last month it planned to close its Munmorah operation. The mine closure will adversely affect Centennial's profits to the tune of $A22 million.

Glencore claimed Centennial had made inadequate, or misleading, disclosure concerning the value of Centennial shares being offered under its bid for Austral and how that value might be affected by the Munmorah mine’s closure.

Centennial said the application’s rejection meant acceptances received by Centennial before the close of the offer would continue to be processed.

The Panel has not yet determined if final orders will be made.