US-based giant coal company Peabody Energy and the world's biggest steelmaker
ArcelorMittal have announced that
China's CITIC Resources Holdings Limited (CRH) and CITIC Group have confirmed that they intend to accept the A$16.00 per share cash offer for all the outstanding shares of
Australia-based low-volatile metallurgical coal producer
Macarthur Coal Limited.
With these acceptances, PEAMCoal, the 60-40 joint venture formed by Peabody and
ArcelorMittal to bid for Macarthur, will control more than 49 percent of
Macarthur Coal shares. CRH and CITIC Group hold an approximate 25.2 percent stake in Macarthur.
PEAMCoal also announced that it will increase the offer price for all shareholders from
A$16.00 to A$16.25 per share if it acquires relevant interests in at least 90 percent of Macarthur shares by November 11, 2011. Reaching the 90 percent relevant interest threshold will allow PEAMCoal to compulsorily acquire all outstanding Macarthur shares.
PEAMCoal has extended the offer period by two weeks to November 11, 2011, unless further extended.