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European Commission Approval Not Needed for Macarthur Coal Takeover

By Joel ScanlonAug 10 2011

Peabody Energy and ArcelorMittal have been told by the European Commission’s Directorate General for Competition that the EU Merger Regulation does not apply to PEAMCoal’s $15.50 share offer for Macarthur Coal.

Therefore the $4.7 billion joint venture bid for the Queensland based mining company does not need regulatory approval from the European Commission.

The offer that US based Peabody Energy and the world’s largest steel making company gave Macarthur Coal was conditional on the European Commission confirming that the offer was not in its jurisdiction besides other conditions.

As of now ArcelorMittal holds 16.1 % stake in the Queensland based Macarthur Coal. The company had refused the $15.50 per share hostile bid made by the two joint venture partners last week. Then Peabody Energy and ArcelorMittal had raised the offer to $16 per share. The shares of Macarthur Coal have risen 47 cents since then.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Peabody Energy. (2019, March 19). European Commission Approval Not Needed for Macarthur Coal Takeover. AZoMining. Retrieved on November 22, 2024 from https://www.azomining.com/News.aspx?newsID=4696.
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Peabody Energy. "European Commission Approval Not Needed for Macarthur Coal Takeover". AZoMining. 22 November 2024. <https://www.azomining.com/News.aspx?newsID=4696>.
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Peabody Energy. "European Commission Approval Not Needed for Macarthur Coal Takeover". AZoMining. https://www.azomining.com/News.aspx?newsID=4696. (accessed November 22, 2024).
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Peabody Energy. 2019. European Commission Approval Not Needed for Macarthur Coal Takeover. AZoMining, viewed 22 November 2024, https://www.azomining.com/News.aspx?newsID=4696.