Saturday, 20 Aug 2011
Reuters reported that China Citic Group has yet to decide whether to launch a counterbid for Australian coal miner Macarthur Coal Ltd which is the subject of a USD 5 billion hostile takeover from ArcelorMittal SA and Peabody Energy Corp.
Citic Group together with subsidiary Citic Resources Holdings Ltd owns about 24% of Macarthur making it the single largest shareholder of the world's biggest producer of pulverised and cleaner burning coal.
Mr Chang Zhenming Citic Group Chairman without elaborating said "It is not yet time to show our stance (on Peabody offer).”
He said that separately, Citic Group said it had not yet set a timetable for an initial public offering. We are still working on an internal restructuring we don't have a timetable yet."
Last year, media reports said CITIC Group was considering a USD 12 billion listing in Hong Kong in 2011 a move that could help the state owned conglomerate raise its profile and cut debt.
(Sourced from Reuters)
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