Macarthur Coal Agrees With Gloucester Coal To Terminate Bid
13 May 2010 - 5:44PM
Dow Jones News
Queensland-based coal miner Macarthur Coal Ltd. (MCC.AU) has
agreed to terminate its bid for New South Wales-based Gloucester
Coal Ltd. (GCL.AU), Macarthur said Thursday.
In a statement Macarthur said: "Both Macarthur and Gloucester
agree that the Macarthur bid for Gloucester will not succeed in its
current form."
The original bid came as part of a complex deal between
Macarthur and Hong Kong-based commodities trader Noble Group Ltd.
(N21.SG), in which Macarthur proposed to buy Noble's stakes in
Gloucester and Queensland mine Middlemount in return for Noble
gaining a 24% stake in Macarthur.
Macarthur has itself been the subject of a takeover bid from
Peabody Energy Corp. (BTU), which on Monday reduced its offer
proposal from A$16/share to A$15/share.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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