ArcelorMittal Accepts PEAMCoal Offer
25 Ottobre 2011 - 3:15PM
Business Wire
Regulatory News:
• ArcelorMittal accepts the PEAMCoal offer for Macarthur
Coal
• ArcelorMittal to remain a shareholder of PEAMCoal for a
further 90 days
• Unconditional PEAMCoal offer for Macarthur remains on
track
ArcelorMittal (NYST:MT) today provided notice to Peabody Energy
(NYSE: BTU) that, in accordance with the Co-Operation and
Contribution Agreement between the two companies, following its
acceptance of PEAMCoal Pty Ltd’s offer for Macarthur Coal Ltd (ASX:
MCC) yesterday, it has terminated the Co-Operation and Contribution
Agreement as provided for therein. ArcelorMittal will remain a
shareholder in PEAMCoal until the termination arrangements are
completed which is expected to be in approximately 90 days’
time.
In taking this decision, ArcelorMittal has determined that it
would no longer be appropriate to allocate substantial capital to
the acquisition of a non-controlling, minority business interest.
This is in accordance with the rights that ArcelorMittal originally
negotiated with Peabody at the time the Co-Operation and
Contribution Agreement was concluded.
Given the unanticipated level of acceptances into the offer,
ArcelorMittal believes that it is more appropriate to focus its
capital elsewhere in its business. ArcelorMittal considers that the
capital commitment that would be required to retain its Macarthur
interest and grow it materially further, exceeds what is
appropriate to allocate to a business that ArcelorMittal does not
fully control and consolidate.
The unconditional PEAMCoal offer for Macarthur will not be
affected by ArcelorMittal’s acceptance and will remain open until
7:00 p.m. (Brisbane time) on 11 November 2011 unless extended.
ArcelorMittal will continue to perform its funding obligations to
PEAMCoal until the termination takes effect as described in section
10.2(f) of PEAMCoal’s Bidder’s Statement for Macarthur.
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 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 6% 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.
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