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Treasury clears Macarthur takeover

Treasury clears Macarthur takeover

The Treasury won't stand in the way of the $4.7 billion takeover of Macarthur Coal (ASX:MCC) by foreign resource companies.

US coal company Peabody Energy and Luxembourg-headquartered steel and mining company partner AccelorMittal have revealed that the Treasury has issued a statement of no objection to their bid for Macarthur under foreign acquisition law.

The companies - through their joint bidding company PEAMCoal - have offered $15.50 in cash for Macarthur Coal shares, as well as entitlement to any final dividend declared for FY11 up to 16 cents per share.

PEAMCoal already has a 16.1% voting interest in Macarthur via AccelorMittal's holding in the company.

After PEAMCoal first made its approach earlier this month, Macarthur Coal advised no action on the offer, and said it was currently in talks with other interested parties.

The offer will remain open until at least mid-September.

On Wednesday, Peabody revealed that the EC has confirmed that EU merger regulation would not apply to the takeover deal.

MCC shares grew 2.28% in Friday's trading to $15.240.

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Tags PeaboAccelorMittalASX:MCCminingMacarthur CoalMergers and acquisitionsforeign investment

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