Macarthur Coal Takeover Bid by Peabody

Submitted by Share Trading on 16 April, 2010 - 10:40

U.S. miner Peabody Energy (BTU.N) has raised its takeover offer for MacArthur Coal (MCC) by 14 percent to $3.8 billion. Coal producers are keen for MCC because it is the world's biggest exporter of PCI. PCI is a type of coal sought by steelmakers as it is cheaper and cleaner and coking coal prices have nearly doubled due to the Indian and Chinese markets. Peabody has offered $16 per share of Macarthur Coal which is trumping competitor New Hope's (NHC) offer of $14.50 per share of the company. The US miner previously bid $13 then $14 a share of MCC. Macarthur shares closed yesterday at $15.28.

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