Anglo American mulling counter bid for Australia’s Macarthur Coal: report

London-based diversified miner Anglo American is plannong to counter the $5.02-billion joint takeover bid for Australia's Macarthur Coal from Peabody Energy and ArcelorMittal, Bloomberg today reported, citing two people with knowledge of the matter.

Anglo, one of world's leading producers of coal, is studying Macarthur's finances, Bloomberg reported citing an unnamed person with knowledge of the matter.

In June, Peabody, the world's largest private-sector coal company and ArcelorMittal, the world's largest steelmaker had made a joint A$15.50 a share or $5 billion cash bid for Brisbane-based Macarthur, Australia's second-biggest coal miner and supplier of low volatile pulverised injection coal to steel mills in Asia, Europe and Brazil. (See: ArcelorMittal, Peabody Energy bid $5 billion for Australia's Macarthur Coal)

After Macarthur rejected the bid as being too low, In July, the suitors sweetened their offer to $5.02 billion, in order to take a look at the Australian coal miner's books and conduct due diligence.

Macarthur did open its books, but its board was seeking around A$18 a share to start taking to Peabody and ArcelorMittal.

Macarthur's major shareholders collectively hold around 47 per cent of the company's stock. They include China's Citic Resources Holdings holding 22.4 per cent, ArcelorMittal with 16.6 per cent and 8.3 per cent being held by South Korean steel maker Posco.