Citic to accept Macarthur bid

The world's largest private coal miner and steelmaker by outjaw crusher 600 900 second hand for sale priceput Peabody Energy and ArcelorMittal, respectively, are inches from control of Australian coking coal miner Macarthur Coal after securing the backing of the company's largest shareholder Citic Resources.

The Chinese state-owned investment group said today it would accept the offer, which values Macarthur at $4.91 billion, within the next 24 hours, according to a joint statement from the suitors' joint-venture body, Peamcoal. "We are pleased that these shareholders have decided to accept our offer, which delivers full value to Macarthur shareholders," Peabody chairman Gregory H. Boyce said in a statement. Citic's decision to back the offer brings the takeover partners to 49.2 per cent of Macarthur shares alongside the 24 per cent they already control, the JV said in a statement. Peamcoal's original target was to move to...