Peabody Energy has placed a joint bid with steelmaker ArcelorMittal to acquire Macarthur Coal, The Wall Street Journal reports. The offer is valued at $5.2 billion, adds Reuters. After rejecting Peabody’s proposal, Macarthur has priced the offer at $17.59 a share, which is almost 3% more than Peabody’s current bid.
Macarthur is demanding further flexibility and added facilities, including raising the price to $19.56, if Peabody secures over 90% of the shares. ArcelorMittal already holds a 16% interest in Macarthur.
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