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.