Tax plan reduces Peabody's coal offer
Source: Agencies |
May 11, 2010, Tuesday
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Print Edition
Print Edition
UNITED States coal giant Peabody Energy Corp reduced its offer for miner Macarthur Coal Ltd to A$3.8 billion (US$3.4 billion) due in part to a proposed new Australian tax on mining profits, the companies said yesterday.
Peabody, one of the world's largest coal suppliers, had last month offered US$3.8 billion after Macarthur, a major producer of pulverized coal used by steel makers, had rebuffed two earlier Peabody offers as inadequate.
The US company, based in St Louis, Missouri, said its revised offer from A$16 a share to A$15 a share still offered a 31 percent premium on McArthur's average share price over the month of March
The Australian government angered the mining industry last month by announcing a new 40 percent tax on the booming profits of resource companies from 2012.
Peabody, one of the world's largest coal suppliers, had last month offered US$3.8 billion after Macarthur, a major producer of pulverized coal used by steel makers, had rebuffed two earlier Peabody offers as inadequate.
The US company, based in St Louis, Missouri, said its revised offer from A$16 a share to A$15 a share still offered a 31 percent premium on McArthur's average share price over the month of March
The Australian government angered the mining industry last month by announcing a new 40 percent tax on the booming profits of resource companies from 2012.
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