ST. LOUIS and LUXEMBOURG, Oct. 24, 2011 /PRNewswire/ -- Peabody Energy (NYSE: BTU) and ArcelorMittal (NYSE: MT) today announced they have achieved majority control of Macarthur Coal Ltd (ASX: MCC) following acceptances under PEAMCoal Pty Ltd's takeover bid in respect of more than 50.01% of the Macarthur shares. PEAMCoal Pty Ltd disclosed today that it has a relevant interest in approximately 59.85% of the Macarthur shares, excluding shares subject to the Institutional Acceptance Facility (IAF). As a result, the minimum acceptance condition of 50.01% has been satisfied and PEAMCoal has declared the offer unconditional. Those shares subject to IAF instructions will now be converted into actual acceptances of the offer. PEAMCoal will proceed to appoint representatives to the Macarthur Board. "We are pleased to obtain a controlling interest in Macarthur Coal and look forward to advancing the company's operating performance and growth initiatives," said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. "We also value the contribution of Macarthur employees and welcome them to a new stage of success for Macarthur." Aditya Mittal, CFO and Member of the Group Management Board at ArcelorMittal, said, "We encourage remaining Macarthur shareholders to accept without delay and improve their chances of receiving the premium A$16.25 per share price, should we reach the 90% compulsory acquisition threshold." As previously announced, PEAMCoal 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 will not increase the offer price of A$16.00 per share unless PEAMCoal acquires relevant interests in at least 90% of Macarthur shares. Reaching the 90% relevant interest threshold would allow PEAMCoal to compulsorily acquire all outstanding Macarthur shares. PEAMCoal has declared the increased offer price A$16.25 per share to be final (in the absence of a superior or competing proposal). All participating members of the Macarthur Board continue to recommend that Macarthur shareholders accept the PEAMCoal offer. Peabody and ArcelorMittal encourage Macarthur shareholders that have not yet accepted the offer to consider the risks of retaining a shareholding in a company with potentially reduced liquidity, including the impact this may have on the ability to sell shares at a later date.