ABJ – Aug 30 – Peabody Energy and ArcelorMittal announced that PEAMCoal has agreed to terms with the Macarthur board for a cash takeover of all outstanding shares of Macarthur Coal for A$16.00 per share, valuing the equity in Macarthur at approximately A$4.8 billion.

All participating members of the Macarthur Board recommend that Macarthur shareholders accept the new PEAMCoal offer.

"This is a major step forward in our acquisition process," said Peabody Energy Chairman and CEO Gregory H. Boyce. "We are pleased to have Macarthur, Peabody and ArcelorMittal moving forward together to urge shareholders to accept this attractive premium. We now look forward to completing this transaction in a timely manner."

Aditya Mittal, CFO and Member of the Group Management Board at ArcelorMittal, said, "Our offer is the only offer before Macarthur shareholders, and we urge them to accept without delay and receive a substantial premium for their investment."

Macarthur Coal is a leading producer of low-volatile PCI metallurgical coal with production and development assets in the Bowen Basin, Australia, including the Coppabella and Moorvale Joint Venture, Middlemount and Codrilla. It holds total coal reserves of 270 million tonnes and total resources of approximately 2.3 billion tonnes.

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