PERTH, May 13 (Reuters) - Australian takeover target Macarthur Coal has called off an agreed merger with local smaller rival Gloucester Coal , it said on Thursday, as it considers a reduced takeover offer from its U.S. suitor.

Macarthur, which has received takeover offers from Peabody Energy Corp and Australia's New Hope Corp , said in a statement that it will be not be changing or extending the acquisition agreement with Gloucester.

The termination of the Gloucester merger is hardly a surprise, with Gloucester's majority shareholder Noble Group having thrown cold water on Macarthur's plans last month to renew the deal.

The takeover saga for Macarthur, coveted for its cheaper and cleaner pulverised coal that steelmakers want, saw a new twist last week when Peabody cut its bid by 6 percent to A$15 a share, after the Australian government unveiled a planned 40 percent tax on mining profits, and Peabody's review of Macarthur's books. [ID:nSGE648032]

Macarthur has not yet responded to Peabody's reduced takeover offer, which is subject to a scheme of arrangement which needs 75 percent support from votes cast.

Shares in Macarthur have fallen 22.5 percent from a year high of A$17.17 struck in mid-April in the heat of the takeover battle. Its shares closed 1.8 percent higher at A$13.31 on Thursday. ($1=1.117 Australian Dollar) (Reporting by Fayen Wong; Editing by Ed Davies)

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