Peabody Ups Offer for Macarthur to $3.8B
ST. LOUIS (
) --
Peabody Energy
(BTU) - Get Peabody Energy Corporation Report
raised its offer to acquire Australia's
Macarthur Coal
by 14% to 16 Australian dollars a share, or A$4.1 billion ($3.8 billion).
Peabody's offer tops an offer of A$14.50 for Macarthur from
New Hope
.
Peabody said its offer is for all cash and it remains "willing to provide any, or all, of Macarthur's three major shareholders with the opportunity to retain their economic interest in Macarthur should they so desire. "
Citic Group of China is Macarthur's largest shareholder with a stake of 22.4%, according to
Bloomberg
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.
ArcelorMittal
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holds 16.6% and
Posco
(PKX) - Get POSCO Report
has a stake of 8.3%.
Peabody, the U.S. coal miner, said Thursday the proposal will lapse if Macarthur proceeds with the shareholder vote scheduled Monday regarding a takeover of its smaller rival
Gloucester Coal
.
-- Reported by Joseph Woelfel in New York.
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