PERTH (miningweekly.com) − The Australian Foreign Investment Review Board (FIRB) has approved US-based Peabody Energy and steel giant ArcelorMittal’s joint takeover of coal miner Macarthur Coal.

Peabody and ArcelorMittal are offering A$15.50 a share in cash for each Macarthur share, valuing the company at A$4.7-billion.

Macarthur shareholders would also be entitled to retain any final dividend declared by Macarthur in respect of the financial year ended June, up to an amount of 16c a share, without reducing the offer price.

As the Macarthur board of directors has, as yet, not made a recommendation regarding the takeover offer, Peabody and ArcelorMittal have taken the offer directly to shareholders.

The bidders currently had a 16.1% interest in Macarthur.

Apart from the FIRB approval, the offer is subject to a limited number of conditions, including minimum 50.01% acceptances and regulatory approvals.
 

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