Recent acquisition target Australian low-volatile metallurgical coal producer Macarthur Coal and its largest shareholder Chinese-based CITIC have agreed to postpone a shareholder meeting on a planned asset-share exchange from June 30 to September 30.
According to the deal, Macarthur will acquire all of CITIC's direct interests in Macarthur operating assets in India and China and terminate CITIC's marketing rights over coal produced at those projects. The Australian coal producer, in return, has agreed to issue 11.3 million of its shares at $9.70 per share for a total $110 million.