At the close of its $A6.20 per share cash takeover offer, Banpu gained 98.51% of Centennial’s shares.

The $2 billion takeover offer for Centennial was launched in July after Banpu lifted its stake in the formerly independent coal producer to 19.89% in mid-June.

The performance of coal commodities since the global financial crisis and the underlying fundamentals courtesy of growing demand from east Asia and India is continuing to drive foreign investment frenzy into Australian coal plays.

As most Australian mid-tier producers get snapped up, the focus is increasingly turning to Australian coal explorers which are yet to become an endangered species.

“All these [independent Australian coal] companies are going to be picked off – it’s just a matter of time,” Mine Life senior resources analyst Gavin Wendt told ILN back in April.

Banpu Australia was established last year to invest in coal mining and power generation businesses.

The Thai company said this included exploration, obtaining concessions, mining contractor and power plant operations, as well as coal and power trading in Australia.

Banpu aims to export at least 40 million tonnes per annum in the Asia-Pacific region by the end of 2015.