You are here: Home > Steel News > Latest Steel News > Peabody...

Peabody Energy, ArcelorMittal and Macarthur board agree to terms for recommended takeover of Macarthur Coal

Tuesday, 30 August 2011 11:10:10 (GMT+3)   |  
       

On August 29, steelmaker ArcelorMittal and coal producer Peabody Energy announced that PEAMCoal, a new entity owned by the bidders of Australia-based Macarthur Coal, has agreed to terms with the Macarthur board for a cash takeover of all outstanding shares of Macarthur Coal for A$16.00 per share, valuing the equity in Macarthur at approximately A$4.8 billion. All participating members of the Macarthur Board recommend that Macarthur shareholders accept the new PEAMCoal offer.

"This is a major step forward in our acquisition process," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "We are pleased to have Macarthur, Peabody and ArcelorMittal moving forward together to urge shareholders to accept this attractive premium. We now look forward to completing this transaction in a timely manner."

Aditya Mittal, CFO and Member of the Group Management Board at ArcelorMittal, said, "Our offer is the only offer before Macarthur shareholders, and we urge them to accept without delay and receive a substantial premium for their investment."


Similar articles

Ukraine’s Metinvest records higher crude steel and pig iron output in Jan-Sept

20 Nov | Steel News

Turkey’s coking coal imports increase by 22.6 percent in January-September

18 Nov | Steel News

Mills propose further price cuts in local Chinese coke market

15 Nov | Scrap & Raw Materials

India’s coal ministry annuls coal block allocated to JSW Steel Limited

11 Nov | Steel News

India’s coking coal import port traffic falls 6% in April-October

11 Nov | Steel News

Ex-Australia coking coal rises in new deals, sources sceptical on further increase

08 Nov | Scrap & Raw Materials

Coal exports from Queensland down 5.7 percent in October from September

06 Nov | Steel News

China’s coke prices move sideways locally, still slide in export market

01 Nov | Scrap & Raw Materials

China Shenhua Energy’s net profit down 4.5 percent in Jan-Sept

29 Oct | Steel News

China Coal Energy’s net profit down 12.4 percent in Jan-Sept

29 Oct | Steel News