Peabody Energy and Arcelor Mittal Offer A$4.7bn to Acquire Macarthur Coal

13 July 2011 (Last Updated July 13th, 2011 18:30)

A joint venture between Peabody Energy and Arcelor Mittal has made an offer to acquire all the shares of Macarthur Coal for a total value of A$4.7bn (US$5bn) in an off-market takeover. The new company has a 16% interest in Macarthur Coal's shares. Macarthur Coal has producti

A joint venture between Peabody Energy and Arcelor Mittal has made an offer to acquire all the shares of Macarthur Coal for a total value of A$4.7bn (US$5bn) in an off-market takeover.

The new company has a 16% interest in Macarthur Coal's shares.

Macarthur Coal has production and development assets in the Bowen Basin, Australia, including the Coppabella and Moorvale joint venture and Middlemount mine.

It controls total coal resources of about 2.3 billion tons and currently produces about four million tons of coal a year.

Under the proposal, Macarthur shareholders would be offered a cash price of A$15.50 per share.