US-based giant coal company Peabody Energy and the world's biggest steelmaker ArcelorMittal have announced that they have gained majority control of Australia-based low-volatile metallurgical coal producer Macarthur Coal Limited.
As of today, PEAMCoal, the 60-40 joint venture formed by Peabody and ArcelorMittal to bid for Macarthur, has a relevant interest in approximately 59.85 percent of the Macarthur shares.
Accordingly, the minimum acceptance condition of 50.01 percent has been satisfied and PEAMCoal has declared the offer unconditional.
As SteelOrbis previously reported, PEAMCoal 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.