ArcelorMittal and Peabody Energy have received clearance from China’s ministry of commerce in the bid for Macarthur Coal Limited (ASX:MCC).
The action clears the way to complete the $4.8 billion transaction.
The offer has been recommended by the Macarthur board.
The $16 per share offer is due to close at the end of October, but may be extended.
In the 2011 financial year, Macarthur Coal’s net profit jumped to $241 million.
