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Peabody Energy and ArcelorMittal Receive Final Regulatory Clearance to Proceed With Macarthur Coal Takeover
Oct. 13, 2011 07:56AM PST
Industrial MetalsPeabody 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.
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