St. Louis, US-based coal giant Peabody Energy Corp. has welcomed the decision of Macarthur Coal, a leading low-volatile metallurgical coal producer based in Australia, to engage with Peabody on its revised acquisition proposal.
Peabody also said it is happy that Macarthur has postponed its stakeholder meeting previously scheduled for April 19, "allowing time for Peabody to reach satisfactory conclusion for all shareholders."
"We're also pleased at the positive statements made today by two of Macarthur's major shareholders - ArcelorMittal and POSCO - regarding our proposal," the company said.
As SteelOrbis previously reported, Peabody revealed a sweetened third offer on April 15 to takeover Macarthur for AU$16 per share or a total of AU$4.1 billion (US$3.8 billion).
The previous two proposals of Peabody, which is competing with Australian coal producer New Hope Corp, and Hong Kong's Noble Group Ltd for control of Macarthur Coal, were rejected by the Macarthur board.