ST. LOUIS and LUXEMBOURG, July 14,
2011 /PRNewswire/ -- Peabody Energy (NYSE: BTU) and
ArcelorMittal (NYSE: MT) today note the announcement by Macarthur
Coal Ltd. (ASX: MCC) which states that the parties have agreed to a
process for due diligence.
Following discussions between the parties, Peabody and
ArcelorMittal have agreed to:
- Improve the indicative proposal by allowing a dividend of
16 cents per share to be paid to
Macarthur shareholders without reducing the price per share; and
- Reduce the number of conditions attached to the proposal.
In return, Macarthur has agreed to provide due diligence and
site visits to Peabody and ArcelorMittal, commencing July 18, 2011.
Peabody and ArcelorMittal look forward to completing such
confirmatory due diligence in a timely manner.
The indicative proposal, subject to due diligence, is at a cash
price of not less than A$15.50 per
share which represents a 43% premium to A$10.83 per share, the one-month volume weighted
average price prior to July 11, the
date on which the proposal was made public.
Should the proposal proceed and be successful, Macarthur will
form an integral part of Peabody Australia and expand
ArcelorMittal's mining interests in the key resource market of
Australia. On this basis, both
Peabody and ArcelorMittal acknowledge and value the contribution
that Macarthur employees will make to the ongoing operations and
growth plans.
The announcement does not constitute and is not intended to
constitute a proposal to make a takeover bid for Macarthur and
there is no assurance that any such takeover bid will be
made.
Peabody Energy Forward Looking Statement
Certain statements in this press release are forward-looking
as defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on numerous assumptions
that the company believes are reasonable, but they are open to a
wide range of uncertainties and business risks that may cause
actual results to differ materially from expectations. These
factors are difficult to accurately predict and may be beyond the
company's control. The company does not undertake to update its
forward-looking statements. Factors that could affect results
include those described in this press release as well as risks
detailed in the company's reports filed with the Securities and
Exchange Commission.
ArcelorMittal Forward Looking Statement
This document contains forward-looking information and
statements about ArcelorMittal and its subsidiaries.
Forward-looking statements may be identified by the words "will,"
"believe," "expect" or similar expressions. Although
ArcelorMittal's management believes that the expectations reflected
in such forward-looking statements are reasonable, investors and
holders of ArcelorMittal's securities are cautioned that
forward-looking information and statements are subject to numerous
risks and uncertainties, many of which are difficult to predict and
generally beyond the control of ArcelorMittal, that could cause
actual results and developments to differ materially and adversely
from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and
uncertainties include those discussed or identified in the filings
with the Luxembourg Stock Market Authority for the Financial
Markets (Commission de Surveillance du Secteur Financier) and the
United States Securities and Exchange Commission (the "SEC") made
or to be made by ArcelorMittal, including ArcelorMittal's Annual
Report on Form 20-F for the year ended 31
December, 2010 filed with the SEC. ArcelorMittal undertakes
no obligation to publicly update its forward-looking statements,
whether as a result of new information, future events or
otherwise.
About Macarthur Coal
Macarthur Coal is a leading producer of low-volatile PCI
metallurgical coal with production and development assets in the
Bowen Basin, Australia, including
the Coppabella and Moorvale Joint Venture and Middlemount Mine. It
holds total coal reserves of 270 million tonnes and total resources
of approximately 2.3 billion tonnes.
About Peabody Energy
Peabody Energy is the world's largest private-sector coal
company and a global leader in clean coal solutions. With 2010
sales of 246 million tons and nearly $7
billion in revenues, Peabody Energy fuels 10 percent of U.S.
power and 2 percent of worldwide electricity. For more
information about Peabody Energy visit:
www.peabodyenergy.com. Contact:
Vic Svec (+1 314
342-7768)
About ArcelorMittal
ArcelorMittal is the world's leading integrated steel and
mining company, with operations in more than 60 countries. In
2010, ArcelorMittal had revenues of US$78
billion and crude steel production of 90.6 million tonnes,
representing approximately 8 percent of world steel output.
ArcelorMittal's mining operations produced 47 million tonnes
of iron ore and 7 million tonnes of metallurgical coal as well in
2010. For more information about ArcelorMittal visit:
www.arcelormittal.com.
Contact information
ArcelorMittal Investor Relations
Europe
+352 4792 2484
Americas
+1 312 899 3569
Retail
+44 203 214
2417
SRI
+44 203 214
2854
Bonds/Credit
+33
171 92 10 26
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Contact information
ArcelorMittal Corporate Communications
E-mail: press@arcelormittal.com
Phone: +352 4792
5000
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ArcelorMittal Corporate
Communications
Giles Read (Head of Media
Relations) +44 20
3214 2845
Arne Langner
+352 4792
3120
Lynn Robbroeckx
+44 20 3214 2991
United Kingdom
Maitland
Consultancy:
Rebecca Mitchell
/ Martin Leeburn
+ 44 20 7379
5151
France
Image 7
Sylvie Dumaine / Anne-Charlotte
Creach +33 1 5370
7470
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SOURCE Peabody Energy