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TheStreet Open House

CITIC Resources Holdings Limited (CRH) And CITIC Group To Accept Offer For Macarthur Coal Takeover

ST. LOUIS and LUXEMBOURG, Oct. 20, 2011 /PRNewswire/ -- Peabody Energy (NYSE: BTU) and ArcelorMittal (NYSE: MT) today announced that CRH and CITIC Group have confirmed that they intend to accept the A$16.00 all-cash takeover offer for Macarthur Coal Ltd (ASX: MCC).  With these acceptances, PEAMCoal will control more than 49% of Macarthur Coal shares, and intends to declare the offer unconditional upon obtaining control of 50.01% of Macarthur shares.

PEAMCoal also announced that it will increase the offer price for all shareholders from A$16.00 to A$16.25 per share if PEAMCoal acquires relevant interests in at least 90% of Macarthur shares by 7:00 p.m. ( Brisbane time) on 11 November 2011. PEAMCoal reserves the right to extend this date.

PEAMCoal has declared the increased offer price of A$16.25 per share (payable if PEAMCoal acquires relevant interests in at least 90% of Macarthur shares by 7:00 p.m. ( Brisbane time) on 11 November 2011) to be final (in the absence of a superior or competing proposal).  Reaching the 90% relevant interest threshold would allow PEAMCoal to compulsorily acquire all outstanding Macarthur shares.  

PEAMCoal also announced that today it will free the offer from all conditions other than the 50.01% minimum acceptance.

"We are pleased that these shareholders have decided to accept our offer, which delivers full value to Macarthur shareholders," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce.  "We look forward to transitioning to the next phase of Macarthur's future."

"With the latest positive developments, we now urge all Macarthur shareholders to accept our offer as soon as possible, in order to maximise their chances of receiving the increased offer price," said Aditya Mittal, CFO and Member of the Group Management Board at ArcelorMittal.  

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