Following news that Swiss mining giant Xstrata may be about to weigh into the battle for control of coal miner Macarthur Coal Ltd
(ASX:MCC), Australia’s New Hope Corporation Ltd
(ASX:NHC) enters the race.
Macarthur says it has received a share-based takeover offer from New Hope valuing the company at $3.71 billion.
The news also adds pressure to US coal giant Peabody Energy who’s sweetened offer of $3.56 billion has been rejected by the company.
New Hope, who is offering 2.7 of its shares for every Macarthur share, says it believes its offer is superior to that offered by Peabody and Macarthur’s plan to takeover Gloucester Coal Ltd (ASX:GCL) and acquire Noble Group’s stake in the Middlemount joint venture.
Macarthur says it will consider the merits of New Hope’s offer, but for now has advised shareholders to take no action.
New Hope’s offer, like Peabody’s, is conditional upon the Gloucester takeover not going ahead.
In relation to media reports suggesting Xstrata Coal may be about to make an offer for the miner, Macarthur says as yet it has not received any approach from the Swiss miner.
Macarthur Coal’s profit for the 2009 financial year was $168.56 million.
