News: Macarthur takeover at 49%

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Peabody Energy and ArcelorMittal are another step closer to owning Macarthur Coal Limited (ASX:MCC).



Citic Group and Citic Resources Holdings have confirmed they will accept the $16 all-cash takeover offer, increasing PEAMCoal’s control to more than 49 per cent.



PEAMCoal needs 50.1 per cent to obtain control.



PEAMCoal will increase the offer price to $16.25 if it acquires at least 90 per cent of Macarthur shares by November 11th.



That would allow PEAMCoal to acquire all remaining Macarthur shares.

In the 2011 financial year, Macarthur Coal’s net profit jumped to $241 million.