Peabody, ArcelorMittal Open A$4.7 Billion Offer For Macarthur Coal
August 17 2011 - 9:56PM
Dow Jones News
Peabody Energy Corp. (BTU) and ArcelorMittal (MT) are pushing
ahead with a A$4.7 billion bid for Australian coal producer
Macarthur Coal Ltd. (MCC.AU), opening the offer for acceptances
Thursday.
Macarthur sent a letter to shareholders Wednesday urging them to
take no action, and described the offer as an opportunistic attempt
to buy the company "at a time of global economic volatility and
regulatory uncertainty in Australia."
It reiterated that its board has held continuing discussions
with other unnamed parties that have expressed an interest in
Macarthur.
Peabody and ArcelorMittal through the PEAMCoal Pty Ltd. joint
venture to be owned 60%-40% have offered A$15.50 a share and said
Macarthur shareholders will be able to retain any dividend up to
A$0.16 a share declared by Macarthur for the year ended June
30.
"Macarthur shareholders now have a clear opportunity to accept
the PEAMCoal offer at a price that gives full credit to the state
of Macarthur's current operations and development projects,"
Peabody Chief Executive Gregory Boyce said in an emailed
statement.
The offer is scheduled to close Sept. 20 unless extended.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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