We may soon see if KT has more appetite for this growing gem. Link
http://www.egoli.com.au/epiServer/Templates/Public/Pages/StoryArticle.aspx?id=32923&epslanguage=en
Macarthur Coal Limited (MCC) shares have jumped over 5% on news that the board of South Korea's Posco has formally approved the acquisition of a 10% stake in the Australian coal miner. Posco’s purchased 21,215,700 shares in Macarthur Coal at a price of $20 per share from Talbot Group investments.
Chairman Keith De Lacy said POSCO had been an important long term customer of Macarthur Coal.
"Completion of the purchase leaves Macarthur Coal with a solid shareholder base and free to focus on performance of our current operations," Mr De Lacy said.
"We welcome Posco’s investment and look forward to strengthening our relationship with the company as they become a substantial shareholder of Macarthur Coal."
The company said that they would now focus exclusively on increasing value for all shareholders through optimising existing operations and developing the project portfolio in line with increasing port capacity.
At 1436 AEST, shares in Macarthur Coal had increased 79c to $14.30
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