Anglo Shuns Potential MacArthur Coal Bid - Sources
09 Settembre 2011 - 5:16AM
Dow Jones News
Anglo American PLC (AAL.LN, AAUKY) has walked away from a
potential counter bid for Australian coal miner Macarthur Coal Ltd.
(MCC.AU), deciding the price was ultimately too high, people
familiar with the matter said.
Macarthur recently backed a sweetened bid from Peabody Energy
Corp. (BTU) and ArcelorMittal (MT), which values the coal miner at
4.83 billion Australian dollars (US$5.09 billion).
Anglo American has signaled interest in acquiring coal assets
over the past year. In addition to weighing a bid for Macarthur, it
considered purchasing the Colombian coal assets of privately owned
U.S.-based Drummond Co. Anglo American also decided this year to
retain rather than sell its Canada-based Peace River Coal Ltd.
venture, a company which operates a joint venture with a unit of
Walter Energy Inc. (WLT, WLT.T) in Canada.
Anglo declined to comment on whether it was eyeing a counter bid
for Macarthur.
Macarthur is the world's largest producer of pulverized coking
coal, a low-cost variety of coal used in steel making, by volume.
Peabody has made numerous bids for Macarthur over the last 18
months.
(Alex MacDonald contributed to this report.)
-By Cynthia Koons and Alison Tudor; Dow Jones Newswires;
+61-2-8272-4691; cynthia.koons@dowjones.com
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