Macarthur Coal
(ASX:MCC) has made an all share bid for smaller rival Gloucester Coal
(ASX:GCL) which values Gloucester Coal at $591.3 million. The deal would create Australia's biggest independent coal miner.
Macarthur Coal’s major shareholders, China’s CITIC Resources and steel giants ArcelorMittal and POSCO, are offering 0.84 of its shares for every Gloucester Coal share which is a 25% premium to Monday’s closing price.
Noble Group, which owns 87.7% of Gloucester Coal said the deal would give it a stake in a larger coal miner because Gloucester would own 24% of Macarthur if the offer is accepted.
Macarthur is also offering $8 cash for shareholders that do not want to agree to the all share offer.
Macarthur Coal posted a 2009 net profit of $168.56 million.
