Macarthur Coal rebuffs Peabody

U.S. coal miner Peabody Energy (BTU.N) is reported to may have to raise its bid for Macarthur Coal (MCC.AX) by around 10 percent after the Australian miner rejected its latest $3.27 billion offer.

The press release is quoted as saying:

Shares in Macarthur, the world’s biggest exporter of pulverized or PCI coal that is sought after by steelmakers, fell more than 5 percent on Wednesday after the firm rebuffed Peabody’s increased A$14 per share offer, but held well above that level.

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