Peabody Files Complaint Over Macarthur Rejection

Thursday, 08 Apr 2010 02:10 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

U.S.-based Peabody Energy has filed a formal complaint with Australian regulators over Macarthur Coal Ltd.'s handling of a $3.3 billion takeover offer that Macarthur rejected this week.

Peabody complained to the Takeovers Panel that Macarthur, a major exporter of pulverized coal used by steelmakers, failed to provide shareholders with relevant information, the Takeovers Panel said in a statement on Thursday. The bid was Peabody's second after Macarthur rejected a lower offer last month.

Peabody asked the government to order Macarthur to postpone a shareholders meeting scheduled for next Monday to consider Macarthur's own bid to take over a rival miner, New South Wales state-based Gloucester Coal Ltd.

The Takeovers Panel said it had yet to decide on its response to Peabody's complaint. The agency is part of Australia's corporate regulator, the Australian Securities and Investments Commission.

Peabody, based in St. Louis, Missouri, is one of the world's biggest coal producers. It is part of a wave of foreign investors that want to buy into Australia's mining and resource industries in hopes of profiting from demand from a resurgent global steel industry and other customers.

Peabody says the failure to provide the information prevented Macarthur shareholders from comparing the relative merits of the Peabody bid against the proposed Gloucester deal.

Macarthur rejected a takeover offer from Peabody last month of 13 Australian dollars per share for the Brisbane-based company. Peabody raised its offer to 14 Australian dollars, which Macarthur rejected on Wednesday. The company said its board had decided not to postpone the meeting Monday.

Peabody told the panel that if the Macarthur board continued to recommend the Gloucester takeover, despite the revised Peabody bid, then it should provide detailed reasons.

It said the shareholders meeting should also be postponed to a date that is not less than 10 business days after the date on which Macarthur dispatches the additional information.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ferguson Prosecutor: Some Witnesses Were 'Not Telling the Truth'

Friday, 19 Dec 2014 22:48 PM

Some witnesses who appeared before the grand jury investigating the death of unarmed black teenager Michael Brown were " . . .

Judge Dismisses Suit on Oklahoma Execution Access

Friday, 19 Dec 2014 22:40 PM

A federal judge on Friday dismissed a lawsuit filed by media organizations seeking greater access to the execution of Ok . . .

GOP Lawmakers Write Obama on Power Plant Pollution Regulations

Friday, 19 Dec 2014 22:06 PM

Ninety-six Republican lawmakers have signed a letter urging President Barack Obama to drop the Environmental Protection  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved