Meanwhile Macarthur Coal got cheaper for any prospective acquirer with the shares falling sharply as trading resumed in the wake of revealing that takeover talks with ArcelorMittal had ended.
Macarthur shares tumbled 11% or $2.28 at one stage yesterday before recovering to finish at $19.00, down $1.73, or 8.3%.
ArcelorMittal, the world’s largest steelmaker, started talks last month after buying a 14.9% in Macarthur to increase its raw material supply.
But Macarthur chairman Keith De Lacy said in a statement after trading had closed that no agreement was reached in the discussions.
"The discussions with ArcelorMittal did not result in any proposal for a transaction being made by ArcelorMittal to the Board of Macarthur Coal, Mr De Lacy said in the statement.
"It remains an exciting time for the coal industry globally, with a strong positive outlook. We welcome ArcelorMittal as a substantial shareholder and look forward to continuing our long term relationship with them as a major customer.
"This situation has no impact on the day-to-day operations of Macarthur Coal. We will continue to focus on running and growing the business and delivering value to our shareholders.
"The Board continues to advise shareholders that they should have no regard to speculation in the media or any other uninformed comment.”
The statement came as a surprise as it came a day after Macarthur’s largest shareholder, Ken Talbot (who owns a 19.8% stake) resigned as a director.
Talbot, who had earlier sold part of his stake to ArcelorMittal, said he resigned to avoid a conflict of interest in dealing with his remaining stake.
MCC is now free to talk to anyone else, and Mr Talbot has the freedom to sell his stake without any reservations.
