Anglo and Citic could join forces on rival Marcarthur bid

Anglo American and China’s Citic Group are rumoured to have joined forces to trump Peabody Energy and ArcelorMittal’s $4.7 billion bid for Macarthur Coal according to a report in the UK’s Financial Times

The report said people familiar with the matter noted there were a number of interested parties as Macarthur previously said it would be interested in offers that placed its value at nearly $5 billion.

The move comes just days after the Brisbane based company said it was on track to deliver its goal to ramp up production to 9.2 million tonnes of coal per year in its Queensland mines in three years. With big plans for future growth.

ArcelorMittal, which is controlled by Indian billionaire Lakshmi Mittal, is already Macarthur Coal’s second-biggest shareholder, with a stake of about 16 per cent.

Macarthur said it could recommend a $16 a share offer – worth A$4.9bn – to shareholders but that it would not be blocked from talks with other parties. 

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