Peabody Deal for Macarthur Coal Draws Closer

Peabody Energy(BTU) and ArcelorMittal(MT) are closer to acquiring Australia's Macarthur Coal after the deal received the backing of Macarthur's largest shareholder.

China's CITIC Group, which owns one-fourth of Macarthur, said it would accept the $5 billion offer for Macarthur within 24 hours.

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Coal maker Peabody and steelmaker ArcelorMittal offered 16 Australian dollars per share for Macarthur but said they would increase the bid to A$16.25 if they gain interest in at least 90% of Macarthur shares by Nov. 11. -- Written by Joseph Woelfel>To submit a news tip, send an email to: tips@thestreet.com.

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