Peabody Bids $3 Billion for Macarthur Coal
Brisbane-based Macarthur Coal Ltd. has had a takeover approach from Peabody Energy Corp.the world’s largest private coal company.
Macarthur went into a trading halt Tuesday and said it had received an approach from a third party seeking a controlling interest in the company. Later in the day the company announced that Peabody Coal had bid A$3.3 billion (US$3.03 billion) but said that the A$13 a share bid “did not fully value the company and its growth prospects.”
Shares in Macarthur hit a high of A$14.50 before settling back to close at A$14.05, a rise of 16% on the day. Shares in Gloucester Coal, which Macarthur was planning to purchase in a deal with Noble Group, closed down almost 10% at A$9 on fears that the deal may not now go through.
The bid is the latest in a number of deals for Australian resource firms. Earlier this month Arrow Energy agreed to a A$3.44 billion joint bid from Royal Dutch Shell and Petrochina.
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