Queensland-based coal miner Macarthur Coal Ltd. (MCC.AU) has agreed to terminate its bid for New South Wales-based Gloucester Coal Ltd. (GCL.AU), Macarthur said Thursday.

In a statement Macarthur said: "Both Macarthur and Gloucester agree that the Macarthur bid for Gloucester will not succeed in its current form."

The original bid came as part of a complex deal between Macarthur and Hong Kong-based commodities trader Noble Group Ltd. (N21.SG), in which Macarthur proposed to buy Noble's stakes in Gloucester and Queensland mine Middlemount in return for Noble gaining a 24% stake in Macarthur.

Macarthur has itself been the subject of a takeover bid from Peabody Energy Corp. (BTU), which on Monday reduced its offer proposal from A$16/share to A$15/share.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com
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