macarthur coalMacarthur advises shareholders to take no action (Moves paragraphs around, adds premium in the second paragraph and comments from Citic and Posco in the eleventh paragraph.) SYDNEY -(Dow Jones)- Australian coal miner Macarthur Coal Ltd. (MCC.AU) said Monday it received a takeover offer from Peabody Energy Corp. (BTU) and ArcelorMittal (MT) that values the target at 4.68 billion Australian dollars (US$5.01 billion). Macarthur, the world's largest producer of the pulverised coal used in some blast furnaces, said the companies offered A$15.50 a share through a jointly owned bid company, representing a premium of 40% to Macarthur's Monday closing price of A$11.08 a share. Still, the per share amount is less than the company's final dividend this year.
The board makes no recommendation in relation to the indicative proposal but will seek to engage with Peabody and ArcelorMittal in relation to the price and terms," Macarthur said in a statement. It advised shareholders to take no action. The two companies lodged the bid after Macarthur shares closed 2.8% lower at A$11.08. Australia introduced plans to price carbon emissions Sunday in a move that some local media reports predicted would diminish investment in the local resources sector. This is the first joint bid for Macarthur by Peabody and ArcelorMittal. Peabody made four separate offers for Macarthur in the early months of last year, initially offering A$13 a share on March 30 before raising the offer to A$14 a share a week later and A$16 a share on April 15. On May 10, the company reduced its offer to A$15 a share, which was knocked back by Macarthur. "Based on the price and conditions of the proposal...it cannot reasonably be recommended to shareholders," the company said at the time.
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