» Peabody’s $4.7 billion takeover of Macarthur clears final regulatory hurdle
Peabody’s $4.7 billion takeover of Macarthur clears final regulatory hurdle
Business Journal reports Peabody Energy on Thursday received clearance from the
Ministry of Commerce of the People’s Republic of China to proceed with its and
ArcelorMittal’s $4.7 billion takeover bid for Macarthur Coal Ltd. in Australia.
The Macurthur deal is good news for the US giant after it recently lost out on
a chance to co-develop the world’s largest deposit of high-quality coking coal.
Miners are scrambling for coal assets and coal for power-generation has
averaged about $130/tonne this year from less than $100 in 2010 while
metallurgical coal has been trading at record levels of $330/tonne.
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