Xstrata "Mulling Own Bid" - Report
Australia’s Macarthur Coal has rejected a $3.4 billion bid from rival Australian miner, New Hope.
New Hope has made an all-share offer worth $14.58 a share, a 58c premium over the rival bid from the US’s Peabody Energy.
Macarthur’s shares closed at $15.50 – a rise of 8.2% on the day.
Macarthur has announced that a meeting on Monday to discuss a deal with Hong Kong’s Noble Group will take place as planned on Monday. Peabody has tried to get Australia’s Takeover Panel to stop the meeting from taking place.
Meanwhile, the Australian Financial Review reported on Friday that international mining company Xstrata has approached two of Macarthur’s shareholder, POSCO and ArcelorMittal, about a bid to rival the offer from America’s Peabody Energy.
The newspaper did not disclose its source for the information.
No comments:
Post a Comment