Tue, Oct25, 2011
THE directors of Australian coal miner Macarthur Coal will stand down tomorrow and appoint nominees of the joint venture between Peabody Energy and ArcelorMittal, which took control of the miner yesterday, the company said.
Macarthur chairman Keith DeLacy said the takeover, which values Macarthur at $4.9 billion, was a "testament to Macarthur's extraordinary growth over the last decade".
The takeover joint venture, PEAMCoal, announced late yesterday that it had acquired 59.86 per cent of Macarthur shares, with a further 2.51 per cent in an acceptance facility, giving the company 62.37 per cent of shares.
US giant Peabody Energy yesterday completed its 19-month battle for the Queensland company.
The takeover was finalised as reports emerged last night of a possible bid for another Queensland coal producer, New Hope, Sarah-Jane Tasker reported yesterday.
The Peabody-ArcelorMittal $16-a-share bid was launched on July 11.
The US giant, which already operates eight projects in Queensland and NSW, had made four unsuccessful offers early last year.
It offered $13 a share in March 2010, before raising the bid to $14 a week later and $16 on April 15.
On May 10, the company reduced its offer to $15 a share following the controversy over Kevin Rudd's failed resource super-profits tax.
But Peabody did not give up and in July this year it gained the support of Macarthur's major shareholder ArcelorMittal, which had a 16 per cent stake, to resurrect its move on the miner, the day after the Gillard government announced the carbon tax.
The two parties had originally offered $15.50 a share, but the target's board secured the $16 price to win its support.
PeamCoal, the 60-40 joint venture formed by Peabody and Arcelor to bid for Macarthur, then announced on Friday that it would increase the offer price to $16.25 a share if it acquired at least 90 per cent of the miner by November 11.
(sourced The Autralian)
THE directors of Australian coal miner Macarthur Coal will stand down tomorrow and appoint nominees of the joint venture between Peabody Energy and ArcelorMittal, which took control of the miner yesterday, the company said.
Macarthur chairman Keith DeLacy said the takeover, which values Macarthur at $4.9 billion, was a "testament to Macarthur's extraordinary growth over the last decade".
The takeover joint venture, PEAMCoal, announced late yesterday that it had acquired 59.86 per cent of Macarthur shares, with a further 2.51 per cent in an acceptance facility, giving the company 62.37 per cent of shares.
US giant Peabody Energy yesterday completed its 19-month battle for the Queensland company.
The takeover was finalised as reports emerged last night of a possible bid for another Queensland coal producer, New Hope, Sarah-Jane Tasker reported yesterday.
The Peabody-ArcelorMittal $16-a-share bid was launched on July 11.
The US giant, which already operates eight projects in Queensland and NSW, had made four unsuccessful offers early last year.
It offered $13 a share in March 2010, before raising the bid to $14 a week later and $16 on April 15.
On May 10, the company reduced its offer to $15 a share following the controversy over Kevin Rudd's failed resource super-profits tax.
But Peabody did not give up and in July this year it gained the support of Macarthur's major shareholder ArcelorMittal, which had a 16 per cent stake, to resurrect its move on the miner, the day after the Gillard government announced the carbon tax.
The two parties had originally offered $15.50 a share, but the target's board secured the $16 price to win its support.
PeamCoal, the 60-40 joint venture formed by Peabody and Arcelor to bid for Macarthur, then announced on Friday that it would increase the offer price to $16.25 a share if it acquired at least 90 per cent of the miner by November 11.
(sourced The Autralian)
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