U.S. coal giant Peabody Energy Corp extended its $5 billion bid for Australia's Macarthur Coal Ltd after failing to reach the 90 percent threshold for acceptances by its Friday deadline. Peabody's acquisition of Macarthur will give it control of the world's top producer of pulverized coal as demand for steel-making materials holds up in Australia's key coal market, China.The A$16 per share bid will now expire on November 25, Peabody said in a statement. The offer rises to A$16.25 if more than 90 percent of Macarthur's shares are tenderedSouth Korean steelmaker POSCO, which owns a 7.25 percent stake, is the last remaining major holdout after major shareholder China's Citic accepted the bid in October.
Peabody Energy Corporation is a coal company. The Company owns majority interests in 28 coal mining operations located in the United States and Australia. Shares of BTU fell by 2.1% or $-0.86/share to $40.03. In the past year, the shares have traded as low as $30.60 and as high as $73.95. On average, 6640020 shares of BTU exchange hands on a given day and today's volume is recorded at 7866007.
POSCO is an integrated steel producer in Korea. It produced approximately 33. Shares of PKX fell by 0.37% or $-0.3/share to $81.68. In the past year, the shares have traded as low as $72.47 and as high as $120.98. On average, 325702 shares of PKX exchange hands on a given day and today's volume is recorded at 193903.
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