UPDATE: ArcelorMittal, Peabody Secure 59.85% In Macarthur Coal
24 Ottobre 2011 - 2:45PM
Dow Jones News
The world's largest private coal miner and steelmaker by output
Peabody Energy Corp. (BTU) and ArcelorMittal (MT) Monday said they
secured a 59.85% stake in Australian coking coal miner Macarthur
Coal Ltd. (MCC.AU) and as a result their offer became
unconditional.
PEAMCoal Pty Ltd., the suitors' joint-venture body, said in a
statement that it is offering to pay A$16 for each share of
Macarthur and will raise its offer to A$16.25 if it manages to get
at least 90% of the company by Nov. 11.
The raised cash offer would increase Macarthur's equity value to
A$4.91 billion ($5.1 billion) from A$4.8 billion under the current
offer.
"We encourage remaining Macarthur shareholders to accept without
delay and improve their chances of receiving the premium A$16.25
per share price, should we reach the 90% compulsory acquisition
threshold," Aditya Mittal, ArcelorMittal's Chief Financial Officer
said in a statement.
ArcelorMittal and Peabody had moved to buy Macarthur in July
after Peabody had tried unsuccessfully on its own. The two
companies had originally offered to pay A$15 a share of Macarthur
but raised it to A$16.
The current deal ends Peabody's 19-month quest for majority
control of Macarthur and further increases the consolidation of the
coal sector in Australia, the world's largest exporter of the
commodity.
PEAMCoal will proceed to appoint representatives to the
Macarthur's board of directors.
-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740;
inti.landauro@dowjones.com (Alex MacDonald in London and David
Fickling in Sydney contributed to this article.)
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