southern cross bets on coal activity

PEABODY is likely to revisit its bid for Macarthur Coal after the failure of its revised $15 a share offer, said Southern Cross Equities.

The broker noted Macarthur has since retreated to the $11 range as institutions thought the coal miner paid too much for MDL 164 tenement in Queensland.

But Southern Cross said Macarthur?s most strategic assets for large rivals are its unallocated port infrastructure and sees a "great one week buying opportunity in Macarthur as stock is seeing forced selling from small-cap fund managers after it was added to S&P 100 index."

The stock last traded 4.5 per cent higher at $11.68.

source- http://www.theaustralian.com.au/business/city-beat/southern-cross-bets-on-coal-activity/story-fn4xq4cj-1225922209798