The takeover offer by Peabody Energy and ArcelorMittal for Macarthur Coal was accepted by CRH and CITIC Group. The joint venture PEAMCoal will control more than 49% of Macarthur Coal shares. According to CRH’s press release, “PEAMCoal also announced that it will increase the offer price for all shareholders from A$16.00 to A$16.25 per share if PEAMCoal acquires relevant interests in at least 90% of Macarthur shares by 7:00 p.m. (Brisbane time) on 11 November 2011.”

If the offer is taken, PEAMCoal can acquire all outstanding Macarthur shares. “We are pleased that these shareholders have decided to accept our offer, which delivers full value to Macarthur shareholders,” said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce.

Currently, PEAMCoal has an interest in approximately 24.0% of the Macarthur Shares while CRH and CITIC Group holdings represent approximately 25.2% of Macarthur shares.

Once CRH and CITIC Group accept PEAMCoal’s offer, the venture will have a 49.2% interest in Macarthur’s shares. Once PEAMCoal reaches 50.01% acceptances, PEAMCoal will control Macarthur.

Source: CITIC Resources Holdings Limited (CRH) And CITIC Group