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Peabody, ArcelorMittal bid $5 bln for Macarthur Coal

Reuters | July 11, 2011 | 1:55 pm Energy Coal Iron Ore 
Iron ore price extends gains
Peak steel?

Peabody Energy has teamed up with ArcelorMittal to offer $5 billion for Australia’s Macarthur Coal , the world’s biggest producer of pulverised coal, as demand for steel-making raw materials intensifies.

The cash offer of A$15.50 a share represents a 40-percent premium to Monday’s close and comes just a day after Australia unveiled a plan to tax carbon emissions from the nation’s worst polluters, or about 500 companies, including coal miners.

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