Peabody Hits 87.8%, Inches From Full Control Of Macarthur Coal
November 13 2011 - 5:23PM
Dow Jones News
Peabody Energy Corp.'s (BTU) A$4.9 billion bid for Australian
coking coal miner Macarthur Coal Ltd. (MCC.AU) is inches away from
completion Monday, after the world's largest private-sector coal
miner said it has acquired 87.8% of the shares in Macarthur.
The move gets Peabody within reach of the 90% level at which it
can forcibly buy out remaining minority shareholders in Macarthur
and the offer price rises automatically to A$16.25 a share from
A$16.00/share.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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