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Peabody Energy And ArcelorMittal Receive Final Regulatory Clearance To Proceed With Macarthur Coal Takeover

Stocks in this article: BTU MCC MT

ST. LOUIS and LUXEMBOURG, Oct. 13, 2011 /PRNewswire/ -- Peabody Energy (NYSE: BTU) and ArcelorMittal (NYSE: MT) today announced they have received clearance from the Ministry of Commerce of the People's Republic of China (MOFCOM) to proceed with the A$16.00 per share cash offer for all outstanding shares of Macarthur Coal Ltd (ASX: MCC).  

This means that all necessary regulatory conditions to the completion of PEAMCoal's offer have now been received.  

"This action from MOFCOM now clears the way for us to complete this transaction in a timely manner," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "Our offer has been recommended by all the participating members of the Macarthur Board and is a substantial premium of 44 percent to the closing price on July 11, just before our proposal was made public."

Aditya Mittal, CFO and Member of the Group Management Board at ArcelorMittal, said, "It is now three months since we submitted our initial proposal for Macarthur. Our offer remains the only one before Macarthur shareholders, and we urge them to accept without delay or risk missing out on a substantial premium for their investment."

PEAMCoal also announced that it has established an Institutional Acceptance Facility (IAF) to provide greater flexibility for institutional shareholders to accept the offer. The IAF will be operated by UBS.  The IAF allows eligible institutional Macarthur investors that do not wish to accept the offer until it has become unconditional to indicate their intention to accept prior to the offer becoming unconditional.  

PEAMCoal will also pay broker handling fees to brokers who initiate valid acceptances of the offer in respect of parcels of Macarthur shares held by Macarthur's retail shareholders, on the terms set out in the third supplementary bidder's statement.  

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