ARCELORMITTAL AND PEABODY ENERGY SUBMIT INDICATIVE PROPOSAL TO ACQUIRE MACARTHUR COAL | macarthur coal, peabody energy, arcelor mittal, arcelormittal

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Monday, July 11, 2011

ARCELORMITTAL AND PEABODY ENERGY SUBMIT INDICATIVE PROPOSAL TO ACQUIRE MACARTHUR COAL | macarthur coal, peabody energy, arcelor mittal, arcelormittal

ARCELORMITTAL AND PEABODY ENERGY SUBMIT INDICATIVE PROPOSAL TO ACQUIRE MACARTHUR COAL | macarthur coal, peabody energy, arcelor mittal, arcelormittal

ArcelorMittal ("ArcelorMittal") notes today's announcement by Macarthur Coal Limited ("Macarthur") and confirms that ArcelorMittal and Peabody Energy Corporation ("Peabody") have made an indicative, nonbinding and conditional proposal to make an off-market takeover bid, through a bid company 40% owned by ArcelorMittal and 60% owned by Peabody, to acquire up to 100% of the issued securities of Macarthur ("Indicative Proposal").

Under the Indicative Proposal, Macarthur shareholders would be offered a cash price of A$15.50 per share, implying a value for the equity in Macarthur of approximately A$4.7 billion. ArcelorMittal already has a relevant interest of approximately 16 percent of Macarthur's shares. The Indicative Proposal is conditional on the successful completion of due diligence, which would be completed in a timely manner. Any resulting offer to Macarthur shareholders would be conditional only on a minimum of 50.01 percent acceptance by Macarthur shareholders, approval from Australia's Foreign Investment Review Board and other customary conditions and approvals.

ArcelorMittal and Peabody look forward to engaging with the Board of Macarthur in relation to the Indicative Proposal. ArcelorMittal is being advised by RBC Capital Markets and Mallesons Stephen Jaques. The announcement does not constitute and is not intended to constitute a proposal to make a takeover bid for Macarthur and there is no assurance that any such takeover bid will be made. Read More