Macarthur turns down offer from ArcelorMittal and Peabody

Australia-based Macarthur Coal Ltd has turned down the $5.2 billion tender offer from Luxembourg-based global steel giant ArcelorMittal and St. Louis, Missouri, US-based Peabody Energy, referring to the two enterprises in question as “opportunists”. Macarthur has advised their shareholders not to accept their offer of A$15.50 ($17.14) per share. Keith DeLacy, CEO of Macarthur, stated that the offer sought to acquire Macarthur on the basis of global economic fluctuations and uncertain regulation in Australia, and did not reflect Macarthur’s industry leadership and the growth potential of its unique assets.