Japan Approves Peabody-ArcelorMittal A$4.73 Billion Bid For Macarthur
25 August 2011 - 10:38AM
Dow Jones News
Japan's Fair Trade Commission has approved the joint Peabody
Energy Corp. (BTU)-ArcelorMittal (MT) bid for Macarthur Coal Ltd.
(MCC.AU), which values the Australian miner at A$4.73 billion, the
bidders said Thursday.
The approval fulfils one of several conditions standing in the
way of the bid, the companies said, although similar approval is
still being sought from China's Ministry of Commerce.
Macarthur is the world's largest producer of pulverized coal
injection coal, or PCI, a low-cost form of the coking coal used in
steelmaking. Japan is one of the biggest consumers of the product,
and any objection from the country's competition authorities would
likely prevent the bid going ahead.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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