Peabody Energy and ArcelorMittal Obtain Majority Interest in Macarthur Coal

Peabody Energy (NYSE:BTU) and ArcelorMittal (NYSE:MT) have now removed all conditions of their takeover of Macarthur Coal (ASX:MCC).

As quoted in the press release:

PEAMCoal Pty Ltd disclosed today that it has a relevant interest in approximately 59.85% of the Macarthur shares, excluding shares subject to the Institutional Acceptance Facility (IAF). As a result, the minimum acceptance condition of 50.01% has been satisfied and PEAMCoal has declared the offer unconditional.

Peabody’s Chairman and CEO, Gregory H. Boyce said:

“We are pleased to obtain a controlling interest in Macarthur Coal and look forward to advancing the company’s operating performance and growth initiatives.”

Click here to read the Peabody Energy (NYSE:BTU) and ArcelorMittal (NYSE:MT) press release.