The new bid for Macarthur, targeted for its pulverized coal, a cheaper, cleaner coal that steel makers want, followed the Australian government's announcement last week of a new 40 percent tax on mining profits and Peabody's review of Macarthur's books.
Macarthur urged shareholders to take no action on the new offer at A$15 a share, down one dollar from its sweetened bid last month. The offer was 10 percent above Macarthur's last trade and still above the cash and shares offer from rival bidder New Hope Corp , worth $3.3 billion.
Peabody spokespeople had no immediate comment on what factors led Peabody to cut its offer.
Macarthur's shares tumbled 12 percent last week after the Australian government unveiled plans to slap a resources super profits tax on miners, as investors bet Peabody might cut or scrap its bid.
(Reporting by Sonali Paul and Mark Bendeich; Editing by Balazs Koranyi)
Sourced from www.reuters.com
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