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

Glencore alleged the closure constituted unacceptable circumstances.

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.

The Swiss commodities trader requested the Panel order Centennial to stop processing applications, to issue a supplementary bidder’s statement containing full information concerning Munmorah, and give Austral shareholders who had already taken the offer the chance to withdraw their acceptances.

Centennial is offering Austral’s remaining shareholders 10 of its shares for every 37 of Austral’s. Centennial currently hold 82.4% of the company, while Glencore owns a 14% stake.

On Friday, Centennial said it rejected Glencore’s application.