Tag: MCC

It seemed inevitable, despite the decision by the suitors to go "hostile" and approach shareholders direct, but in the end Peabody Energy and ArcelorMittal sweetened their offer for Macarthur Coal to $4.9 billion, and won the green light yesterday.

And there was Bob Brown, leader of The Greens and his mates telling us they wanted to see the end of the coal mining industry, and then we had a plethora of commentators telling us the carbon tax would see miners head offshore, while jobs and investment would be lost.

Even though Macarthur Coal had good news on the profit front yesterday, the market wasn’t listening, or so it seems.

Shares in Queensland-based Macarthur Coal were halted yesterday to allow the company to raise a reported $430 million in a quick capital issue after it delivered annual net profit at the top end of guidance.

Macarthur Coal has confirmed that it achieved a sales record for the June 2010 financial year, despite a lagging performance in the last quarter.

Opposition from a major shareholder has sunk the revised bid for Macarthur Coal from US giant, Peabody Energy Corporation.

US coal giant Peabody Energy has used the proposed resource rent tax to chisel $1 a share from its offer for Macarthur Coal 

More developments in the saga known as the takeover battle for Macarthur Coal.

Macarthur Coal’s days as a listed Australian coal company look numbered after the board bowed to the inevitable and decided to talk to Peabody Energy of the US about the latter’s conditional $16 a share offer.

The battle for control of Macarthur Coal looks like it’s coming to a vital point.

Another day in the battle for Macarthur Coal, the world’s biggest exporter of pulverized coal.

Yet another day of share price action, statements and more in the battle for control of Macarthur Coal.

Macarthur Coal has deferred the contentious shareholder meeting due for today by a week and rejected a $3.71 billion takeover bid by New Hope Corporation Ltd.

A new bid for Macarthur Coal after another day of release and counter release in the battle for control of the miner yesterday.

Macarthur Coal has rejected the second bid from US group, Peabody Energy, saying the higher $14 a share price still undervalues the company.

Macarthur Coal and its would-be suitor, Peabody Energy of the US, have until next weekend to either do a deal or go their separate ways, with the latter looking less likely unless the Noble Group can cough up more money.

Macarthur Coal appears to have managed to avoid any damage to its coal exporting target despite a 10 day break because of cyclone damage at the Dalrymple Bay terminal in central North Queensland.

Queensland-based Macarthur Coal had a similar story to Woodside and other resources group: both good news and not so good, with the promise of better times ahead.

Macarthur Coal warned yesterday that it faces a huge drop in profit, but the news should be viewed very carefully.

The great Australian resources boom is starting to fly apart at the seams with a major coal mine shut, production cut and another Queensland metal mine affected yesterday.

Coal producer and explorer, Macarthur Coal (MCC) reported on Wednesday a 68% fall in half year net profit due to wet weather and coal logistics problems.

Despite news of rain impacting production, shares in coal company Macarthur Coal rose as much as 14.6% to $9.73.