There are reports this morning that Swiss-based miner Xstrata plans to join the bidding battle for Brisbane based Macarthur Coal
(ASX:MCC).
The Australian Financial Review newspaper reports that Xstrata Coal has approached Macarthur shareholders Posco and ArcelorMittal regarding an alternative bid that rivals a tie-up with Singapore’s Noble Group and a hostile takeover offer from America’s Peabody Energy.
It’s believed that Xstrata is offering Posco and ArcelorMittal, which control a combined 25% of Macarthur, the chance to access other coal resources in Xstrata's own portfolio.
Xstrata hasn’t made a direct offer to Macarthur and is believed to be waiting on a decision by the Takeovers Panel before making a move.
That’s because Peabody appealed to the Panel yesterday in an attempt to force the Macarthur board to consider its $3.6 billion bid.
The panel said that Peabody had requested it to order Macarthur to postpone a meeting for Monday next week where shareholders will vote on Macarthur's plan to acquire Gloucester Coal - which is majority owned by Noble Group.
Macarthur Coal reported a profit of $168.5 million for the 2009 financial year.
