U.S. coal giant Peabody Energy Corp extended its $5 billion bid for Australia's Macarthur Coal Ltd by two weeks after failing to reach the 90 percent threshold for acceptances by its Friday deadline.The A$16 per share bid will now expire on Nov. 25, Peabody said in a statement in Sydney. The offer rises to A$16.25 if more than 90 percent of Macarthur's shares are tendered.According to a notice from Macarthur on Friday morning, Peabody has gained around 85 percent of shareholder acceptance.South 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 traded higher by 1.57% or $0.63/share to $40.66. 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 2429088.
POSCO is an integrated steel producer in Korea. It produced approximately 33. Shares of PKX traded higher by 1.98% or $1.62/share to $83.30. 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 79804.
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