further bids of between $16 and $20 expected, page-4

POSCO denies Macarthur-Gloucester merger support.
Mon , Apr 12, 2010

SEOUL, April 12 (Reuters) - South Korean steelmaker POSCO , one of three major shareholders of Australian miner Macarthur Coal , denied on Monday it supported a merger between Macarthur and Gloucester Coal.
"We have made no decision yet," said POSCO spokesman Choi Doo-jin by telephone, referring to the proposed deal.
He added that Noble Group's announcement that Macarthur's top three shareholders supported the Gloucester-Macarthur merger was "incorrect."