Platts reported that Peabody Energy (NYSE:BTU) and ArcelorMittal (NYSE:MT) are still waiting for Chinese approval for their takeover of Macarthur Coal (ASX:MCC).

As quoted in the market news:

China Ministry of Commerce approval is required for Peabody Energy and ArcelorMittal’s proposed takeover of Macarthur Coal since the Australian company has a 17% share of the seaborne-traded market in PCI metallurgical coal for which China is a significant consumer.

Click here to read the entire Platts report.