MCC Macar Coal Fpo

The world's largest private coal miner and steelmaker by output, Peabody Energy Corp. (BTU) and ArcelorMittal (MT), will extend their offer for Australian miner Macarthur Coal Ltd. (MCC.AU) by a further two weeks, the suitors said Thursday.

The joint offer values Macarthur--the world's largest producer of pulverised coal, a low-cost variety of the coking coal used in steelmaking--at A$4.83 billion.

In a joint statement, Peabody and Arcelor said the offer from their PEAMCoal vehicle would now close on Nov. 11. It was originally scheduled to close on Sept. 27.

As of Oct. 18, the companies had just 22.98% of Macarthur shares, against 50.1% needed to complete the takeover. They held 16.1% of shares when the takeover was first proposed on Aug. 1.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

Macarthur Coal (ASX:MCC)
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