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Xstrata Is Mystery Bidder Behind Macarthur Coal TakeoverMining giant Xstrata has emerged as the mystery bidder behind an approach for Macarthur Coal, Australia’s largest independent coal producer. The Anglo-Swiss miner has moved swiftly to look elsewhere for potential deals since takeover talks with Brazilian rival Vale broke down in March. Macarthur announced two weeks ago it had been approached about a possible takeover but until this weekend the identity of the suitor was unknown. The Queensland-based company is currently valued at £1.8bn and any deal would lead to a massive windfall for its two largest shareholders, founder and former chief executive Ken Talbot and Nathan Tinkler, who hold 24% and 11% of Macarthur’s shares respectively. It is understood that the talks are progressing but the two sides and their advisers have yet to agree on price. Xstrata is taking advice from Rothschild, while JP Morgan is helping Macarthur. Buying Macarthur would significantly strengthen Xstrata’s position in Australian mining, adding pulverized coal injection coal, or PCI coal to its portfolio of products. Prices of PCI coal, which is primarily used in steelmaking, have surged on the back of strong demand from Chinese steel mills and analysts believe that a further tripling of prices is possible, such as that seen for coking coal. If Xstrata proceeds with a formal bid for Macarthur, the firm could face counter-bids from some of its greatest rivals such as Vale and Anglo-American. The mining sector is experiencing one of its busiest periods of consolidation with many of the largest companies considering mega-mergers. BHP Billiton has made an approximate £75bn hostile approach to Rio Tinto, which if successful would create the largest mining firm in the world. Xstrata was in talks with Brazils Vale that would have seen the latter make an agreed cash-and-shares takeover of the former. The talks were called off six weeks ago. Tag CloudExternal InformationAdditional InformationFuel Lines...Mining boom could bust us... Nasdaq’s Plan to Raise Fees Is Causing Some Uproar... Your Ad Here, on My S.U.V.? And You?ll Pay?... Where Am I?News Main Page - Business - Xstrata Is Mystery Bidder Behind Macarthur Coal Takeover |
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