Tuesday, 15 Nov 2011
Peabody Energy's USD 4.9 billion bid for Australian coking coal miner Macarthur Coal is inches away from completion after the world's largest private sector coal miner said it had acquired 87.8% of the shares in Macarthur.
The move gets Peabody within reach of the 90% level at which it can forcibly buy out remaining minority shareholders in Macarthur and the offer price rises automatically to USD 16.25 a share from USD 16 per share.
The bid for Macarthur has not been without complication late last month, European steelmaker ArcelorMittal pulled out of a joint deal with Peabody to take over Macarthur.
ArcelorMittal said at the time that the deal required it to invest too much capital in a business it wouldn't fully control.
The bid continued, however, with ArcelorMittal to sell its interest to Peabody.
Days before ArcelorMittal's announcement, the pair's bid vehicle, PeamCoal, took a majority stake in Macarthur, after having launched the USD 4.9 billion bid.
ArcelorMittal said in a statement at the time that "Given the unanticipated level of acceptances into the offer, ArcelorMittal believes that it is more appropriate to focus its capital elsewhere in its business.”
(Sourced from AAP)
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