UPDATE: Peabody, ArcelorMittal Raise Offer For Australia's Macarthur
14 Luglio 2011 - 8:42AM
Dow Jones News
The world's largest listed coal miner and steelmaker on Thursday
sweetened their offer for Australian pulverized coal miner
Macarthur Coal Ltd. (MCC.AU) to around A$4.73 billion, while moving
a step closer to success by agreeing to start due diligence on the
deal.
Peabody Energy Corp. (BTU) and ArcelorMittal (MT) on Monday
announced they would start receiving data and site access from
Macarthur from next Monday.
"Peabody and ArcelorMittal look forward to completing such
confirmatory due diligence in a timely manner," the companies said
in a joint statement.
St. Louis-based Peabody and Luxembourg-domiciled ArcelorMittal
made an indicative A$15.50 per share bid for the company, the
world's largest miner of pulverized steelmaking coal, announced
Monday.
That offer came at a 40% premium to Macarthur's previous share
price, but was treated as an upper limit that would be further
reduced by subtracting the value of any final dividend declared by
Macarthur's board.
In return for the agreement to start due diligence, Macarthur
has insisted that any offer made in the next 12 months would be at
least A$15.50 a share and would include the value of dividend
payments up to 16 cents per share.
That would likely raise the value of the deal by around A$48.3
million, just under 1% of Monday's indicative offer. Macarthur said
the proposal wasn't binding and shareholders should take no
action.
"The Macarthur board is currently preparing an evaluation of the
company's assets and resources and is exploring options to maximize
value," the company said.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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