Glencore alleged unacceptable circumstances existed in the sale of the 9.6% Austral stake to Centennial by Noble Group on March 2. The allegation covered the subsequent acceptance by Noble of the Centennial bid on March 23, and its acquisition of a further 6.9% of Austral Coal.

“Glencore alleged that Centennial and Noble became associates in negotiations concerning the sale of Noble's shares in Austral Coal”, the Panel said.

Glencore’s application was made outside a two-month time limit set by the Corporations Act and the Takeovers Panel declined Glencore’s request for an extension, saying it did not consider it appropriate to grant such an extension.

The panel said there was no reasonable basis to find an agreement or association between Centennial and Noble.