Peabody Energy and ArcelorMittal have received clearance from the Ministry of Commerce of the People’s Republic of China (MOFCOM) to proceed with the acquisition of Macarthur Coal for A$4.8bn (US$4.8bn).

PEAMCoal has established an institutional acceptance facility to offer flexibility for institutional shareholders to accept the offer.

PEAMCoal will also pay broker handling fees to brokers who initiate valid acceptances of the offer in respect of parcels of Macarthur shares held by Macarthur’s retail shareholders.

Peabody Energy Chairman and CEO Gregory Boyce said that the offer has been recommended by all the participating members of the Macarthur Board and is a substantial premium of 44% to the closing price in July.