Despite intense media speculation that Swiss giant Xstrata is to enter the bidding race for Aussie coal miner Macarthur Coal Ltd
(ASX:MCC), the company says it has received nothing.
Macarthur revealed last week that an investment bank acting on behalf of Xstrata had approached one of the company’s major shareholders to hold preliminary discussions.
However, in a statement to the ASX Macarthur says it notes certain media reports in relation to a potential bid by Xstrata Coal and confirms that it has not received any proposal from Xstrata or its representatives.
The coal miner also says that following the rejection of its Gloucester Coal Ltd (ASX:GCL) proposal by Noble Group shareholders, it is now unlikely that the Gloucester and Middlemount transactions will proceed.
If Macarthur had merged with Gloucester, Noble Group, which is Gloucester’s largest shareholder, would have acquired a 24% stake in the merged entity.
Macarthur is itself currently the takeover target of US coal giant Peabody Energy and Aussie firm New Hope Corporation Ltd (ASX:NHC).
For financial year 2009, Macarthur Coal reported net profit after tax of $168.56 million.
