Deals
ArcelorMittal, Peabody Agree to Buy Australia’s Macarthur Coal
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ArcelorMittal, the world’s largest steelmaker, and Peabody Energy Corp. agreed to buy Macarthur Coal Ltd. after sweetening their bid, valuing the Australian producer at A$4.8 billion ($5.2 billion).
ArcelorMittal and Peabody, the biggest U.S. coal producer, raised their bid to A$16 a share from A$15.50, Brisbane-based Macarthur said today in a statement. The board recommends the offer, which is 44 percent more than the stock’s close before the initial proposal on July 11.