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ArcelorMittal, Peabody open bid for Australia’s Macarthur Coal

ArcelorMittal, Peabody open bid for Australia’s Macarthur Coal
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First Published: Thu, Aug 18 2011. 06 12 PM IST
Updated: Thu, Aug 18 2011. 06 12 PM IST
Amsterdam: Peabody Energy and ArcelorMittal said on Thursday their $5 billion takeover offer for Australian group Macarthur Coal had opened for acceptance.
“Peabody and ArcelorMittal urge all Macarthur shareholders to accept the compelling offer to receive a substantial premium for their investment,” the companies said in a joint statement.
The statement came after Macarthur Coal said on Wednesday shareholders should take no action on the offer until it sent out its formal response in the next two weeks.
Macarthur said its response would focus on the opportunistic timing of the offer, its strong growth profile, significant resource base, access to infrastructure, and its status as the top supplier of pulverized coal.
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First Published: Thu, Aug 18 2011. 06 12 PM IST