Macarthur Coal will back down on plans to take over Gloucester Coal after the shareholders of Noble Group, the parent company of Gloucester, rejected Macarthur’s bid to acquire Noble’s 87.7% stake in the company.
Noble shareholders also rejected Macarthur’s offer to acquire Noble’s interests in its jointly owned Middlemount coal mine in Queensland, Australia.
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Macarthur, the world’s largest exporter of pulverised coal required for making steel, has been offered a takeover bid of more than $3.4bn from two rival companies, Peabody Energy and New Hope.
The collapse of the Macarthur-Gloucester deal leaves Gloucester to consider Noble’s offer to buy out the rest of the company for $11.71 (A$12.60) a share in cash.
Macarthur produced 4.6 million tons of coal in 2009 while Gloucester produces annually a combined total of about 2.5 million tons of coking and thermal coal.
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