Macarthur Directors To Step Down, Appoint Peabody-Arcelor Nominees
25 October 2011 - 4:41PM
Dow Jones News
The directors of Australian coal miner Macarthur Coal Ltd.
(MCC.AU) will stand down Wednesday and appoint nominees of the
joint venture of Peabody Energy Corp. (BTU) and ArcelorMittal (MT)
which took control of the miner on Monday, the company said.
In a statement, Macarthur chairman Keith DeLacy said the
takeover, which values Macarthur at A$4.9 billion, was a "testament
to Macarthur's extraordinary growth over the last decade".
The takeover joint venture, PEAMCoal, announced late Monday that
it had acquired 59.86% of Macarthur shares, with a further 2.51% in
an acceptance facility giving the company 62.37% of shares.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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