UPDATE: Peabody Says A$15/Share Bid For Macarthur Coal Offers Compelling Value
2010年5月11日 - 5:07PM
Dow Jones News
U.S. coal producer Peabody Energy Corp. (BTU) said Tuesday its
reduced takeover offer for Australia's Macarthur Coal Ltd. (MCC.AU)
represented "compelling value" for the target company's
shareholders.
"Our offer price is based on all information that is available
to Peabody, after completion of our due diligence and taking
account of the proposed resource profit tax," Peabody Energy
spokeswoman Jennifer Morgans said in a statement. "We believe A$15
cash (a share) represents excellent and compelling value for
Macarthur shares."
The U.S. company had earlier proposed A$16 a share, but lowered
its bid after completing due diligence May 3 and considering the
impact of the government's proposed 40% Resource Super Profits Tax.
The latest lower bid values Macarthur around A$3.8 billion.
The resources tax is expected to hit coal miners such as
Macarthur particularly hard.
Macquarie analysts estimate that it could lower earnings by
15%-19% from 2013-2015.
Peabody's earlier bid had a lukewarm reception from Macarthur's
major shareholders and Macarthur Chairman Keith De Lacy said
Tuesday he was "not inclined" to accept the reduced bid.
"We are not inclined to take a discount in price based on a tax
that may never be introduced," he said in a statement.
Peabody's revised offer was a swift turn of events from just a
few weeks ago, when it lifted its bid for Macarthur twice to
compete with New Hope Corp. (NHC.AU), which was also bidding for
the coal producer.
Anglo-Swiss miner Xstrata PLC (XTA.LN) also approached
Macarthur's major shareholders and appointed advisors for a
potential bid, according to Macarthur, but an offer never emerged
from Xstrata.
The U.S. coal company remains willing to offer Macarthur's three
major shareholders, Citic Resources Holdings (1205.HK),
ArcelorMittal (MT) and Posco (005490.SE) the opportunity to retain
their economic interest in Macarthur.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com;
(Ross Kelly in Sydney contributed to this article)
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