Peabody, Arcelor Extend Their Offer For Macarthur Coal To Nov 11
20 October 2011 - 10:23AM
Dow Jones News
The world's largest private coal miner and steelmaker by output,
Peabody Energy Corp. (BTU) and ArcelorMittal (MT), will extend
their offer for Australian miner Macarthur Coal Ltd. (MCC.AU) by a
further two weeks, the suitors said Thursday.
The joint offer values Macarthur--the world's largest producer
of pulverised coal, a low-cost variety of the coking coal used in
steelmaking--at A$4.83 billion.
In a joint statement, Peabody and Arcelor said the offer from
their PEAMCoal vehicle would now close on Nov. 11. It was
originally scheduled to close on Sept. 27.
As of Oct. 18, the companies had just 22.98% of Macarthur
shares, against 50.1% needed to complete the takeover. They held
16.1% of shares when the takeover was first proposed on Aug. 1.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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