US-based giant coal company Peabody Energy and the world's biggest steelmaker ArcelorMittal have announced that they have received clearance from the Ministry of Commerce of the People's Republic of China (MOFCOM) for the $A16.00 per share cash offer to acquire all the outstanding shares of Australia-based low-volatile metallurgical coal producer Macarthur Coal Limited.
With the approval of MOFCOM, the companies have received all the necessary regulatory approvals for the acquisition.
The offer of PEAMCoal, the 60-40 joint venture formed by Peabody and Arcelor to bid for Macarthur, is still the only offer for Macarthur shares and it is scheduled to close on October 28, 2011 unless extended. PEAMCoal currently has approximately 22.78 percent relevant interest in Macarthur.