Source: New York Times

Peabody Energy said last week that it had acquired more than 90 percent of Macarthur Coal of Australia. The announcement allows Peabody, the American coal company that will likely have up to a 24 percent stake in the Tavan Tolgoi Western Tsankhi project, to require Macarthur’s remaining shareholders, including South Korean Steel maker Posco, to sell their stakes.

Peabody is also increasing its offer to Macarthur by USD 100 million, to nearly USD 5 billion, as it promised to raise its bid to USD 16.52 it gained a 90 percent stake.

“We are very pleased to be acquiring 100 percent of Macarthur shares, which brings clear strategic and financial benefits,” said Peabody Chairman and Chief Executive Gregory H. Boyce.

The announcement comes three weeks after ArcelorMittal, the world's largest steel manufacturer, pulled out of a joint bid with Peabody Energy for Macarthur.