On September 19, Australia-based low-volatile metallurgical coal producer Macarthur Coal Limited announced that PEAMCoal, a new entity owned by US-based giant coal company Peabody Energy and the world's biggest steelmaker ArcelorMittal, has extended its bid for Macarthur Coal by 17 days, pushing out the close of the bid to October 14.
PEAMCoal has a relevant interest of 16.1 percent in Macarthur's shares through the holdings of ArcelorMittal, which is the second largest shareholder.
As SteelOrbis previously reported, Macarthur agreed in August to terms with the Macarthur board for a cash takeover of all outstanding shares of Macarthur Coal for A$16.00 per share, valuing the equity in Macarthur at approximately A$4.8 billion. All participating members of the Macarthur board recommend that Macarthur shareholders accept the new PEAMCoal offer.