Coal miner Peabody Energy Corporation and steel maker ArcelorMittal have achieved majority control of Macarthur Coal Limited (ASX:MCC).
After launching their $4.9 billion bid in July the joint bidders have now secured a 59.85 per cent interest in the Queensland focused coal miner.
As a result the minimum acceptance condition of 50.01 per cent has been satisfied and the offer has been declared unconditional.
The bidders have urged Macarthur shareholders to accept the offer immediately to improve their chances of receiving the premium $16.25 share price, should they reach the 90 per cent compulsory acquisition threshold.
In the 2011 financial year Macarthur Coal reported a net profit of $241 million.
