Peabody-Arcelor Push Out Closing Date Of Macarthur Bid To Oct 14

The world's largest listed coal miner Peabody Energy Corp. (BTU) and its largest steelmaker ArcelorMittal (MT) have extended their joint bid for coking coal miner Macarthur Coal Ltd. (MCC.AU) by 17 days, pushing out the close of the bid to Oct. 14, the companies said Monday.

The extension is the second in the companies' bid for Macarthur, the world's largest producer of a variety of pulverised coal used as a low-cost input in steelmaking blast furnaces.

Macarthur's board recommended the joint A$16-a-share offer in a statement on Sept. 5, "in the absence of a superior proposal". The deal values Macarthur at A$4.83 billion (US$4.95 billion).

Peabody and ArcelorMittal hold 17.34% and 16.60% stakes, respectively, meaning they only need a further 16.07% of shareholders to sign over their holdings to achieve a majority stake in the company.

Macarthur shares have mostly traded below the offer since it opened at A$15.50/share on Aug. 18, despite the offer being further raised to A$16/share on Aug. 30. That could indicate that shareholders are sceptical that the offer will go ahead.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

Macarthur Coal (ASX:MCC)
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