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Macarthur Coal Bidder PEAMCoal Again Extends Takeover Deadline
Oct. 06, 2011 01:25PM PST
Industrial MetalsPlatts reported that Peabody Energy (NYSE:BTU) and ArcelorMittal (NYSE:MT) are still waiting for Chinese approval for their takeover of Macarthur Coal (ASX:MCC).
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.