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.Peabody's acquisition of Macarthur will give it control of the world's top producer of pulverized coal, just at a time when 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 tendered.According to a notice from Macarthur on Friday morning, Peabody has gained around 85 percent of shareholder acceptance.
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 remained unchanged at $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 0.
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