Bloomberg reported that Coal of Africa Ltd, an explorer for the fuel in South Africa, rose the most in almost six months in London trading on speculation industry takeovers may gather pace.

The shares advanced as much as 13% the biggest intraday gain since January 29. They closed 9.75 pence or 7.2% higher at 144.50 pence. They ended 4.9% up in Sydney earlier valuing the Perth based Company at AUD 1.2 billion.

Coal prices rose to records this year on higher demand and limited supply, spurring takeovers. In deals announced over the past two days, a BHP Billiton Ltd and Mitsubishi Corp venture will pay USD 2.4 billion for an Australian coal project and Cleveland-Cliffs Inc in the US will buy coal miner Alpha Natural Resources Inc for USD 10 billion.