Australian coal producer Macarthur Coal Limited, the world's largest producer of seaborne low volatile pulverized injection coal used for steelmaking, said on February 26 that its board has confirmed a bid to takeover New South Wales, Australia-based coal miner Gloucester Coal that operates mines in the Hunter Valley. The coal producer is offering Gloucester shareholders 0.84 Macarthur shares for every one Gloucester share held or AU$8 a share.
Macarthur has lodged with the Australian Securities and Investments Commission (ASIC) its takeover offer for all of the shares in Gloucester. The company has also released its notice of shareholder approval after an independent expert report was revealed to shareholders on the issue. 87.7 percent of Gloucester is owned by Asia's largest commodities trading house Noble Group.