Peabody Energy Starts Compulsory Acquisition Of Macarthur Coal
16 November 2011 - 5:35PM
Dow Jones News
Peabody Energy Corp. (BTU) will start compulsory acquisition of
the remaining shares in Macarthur Coal Ltd. (MCC.AU) and raise its
offer price by 25 cents to A$16.25 per share, after the world's
largest private sector coal miner hit a 90% shareholding in the
company.
In a statement to the Australian Securities Exchange, Peabody
Chief Executive Gregory H. Boyce said: "We are very pleased to be
acquiring 100% of Macarthur shares, which brings clear strategic
and financial benefits."
Peabody has made several separate bids for the company over a
20-month period. Macarthur is the world's largest producer of the
pulverised coal used as a low-cost input in some steelmaking blast
furnaces.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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