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    coal investing

    Peabody Energy and ArcelorMittal Receive Final Regulatory Clearance to Proceed With Macarthur Coal Takeover

    Investing News Network
    Oct. 13, 2011 07:56AM PST
    Industrial Metals

    Peabody Energy (NYSE:BTU) and ArcelorMittal (NYSE:MT) announced that China has approved the companies’ takeover of Macarthur Coal (ASX:MCC).

    Peabody Energy (NYSE:BTU) and ArcelorMittal (NYSE:MT) announced that China has approved the companies’ takeover of Macarthur Coal (ASX:MCC).

    As quoted in the press release:

    All participating members of the Macarthur Board have recommended that Macarthur shareholders accept the PEAMCoal offer, in the absence of a superior proposal. The PEAMCoal offer values the equity in Macarthur at approximately A$4.8 billion.

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

    “This action from MOFCOM now clears the way for us to complete this transaction in a timely manner.”

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

    asx:mccnyse:btucoal investingchinanyse:mt
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