Noble"would really like the Americans to go back home"
Singapore-based commodities trader Noble Group is threatening to derail Peabody Energy’s $3 billion bid for Australian coal miner, Macarthur Coal.
Peabody's bid is conditional on Macarthur not proceeding with a proposed A$832 million ($766 million) takeover of Noble-controlled Gloucester Coal, however Noble has reacted in a statement to the Singapore Stock Exchange and has accused Peabody of trying to spoil the bid.
"Life was great until a few days ago when, instead of jumping on their horses, the Americans charged into town on a Gulfstream jet for the afternoon and plunked a bid down that was a great deal for them, and not, in our view, anywhere near what was already on the table," Noble said in a statement on Monday.
"Hats off to them for being opportunistic and crafty; it ruined our Easter weekend. We will also have to give thought to other ways in which we would make the interlopers from St. Louis leave us alone," Noble said.
"What we would really like is for the Americans to go back home. We busted our tail to put together a good fair deal that will build a great company," it said.
Noble may well exercise its option to increase its stake of the Middlemount coking coal mine in Queensland to 50 percent, which would give it the right to sell 100 percent of output for the life of the mine.
Macarthur said Peabody's bid undervalued its growth prospects. The company produces a third of the world's supply of a cleaner coal coveted by steelmakers.
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