Macarthur Coal: Peabody Asking For More Information, Considering Tax Impact
May 03 2010 - 8:59PM
Dow Jones News
SYDNEY (Dow Jones) Peabody Energy Corp. (BTU) is "working
through the impact" of the Australian government's planned tax
changes on its bid for Macarthur Coal Ltd. (MCC.AU), Macarthur said
Tuesday.
In a statement to the stock exchange, Macarthur said that
Peabody had completed its due diligence on its takeover bid Monday
but had advised Macarthur that the tax plans had to be factored
into its decision.
Peabody in April raised an initial offer for Macarthur, a
Queensland-based coal miner, to A$16-a-share. But Macarthur's
shares yesterday fell nearly 10% on fears that the government's
planned 40% tax on resource industry super profits, unveiled
Sunday, would encourage Peabody to reconsider its bid.
Macarthur said it is aware this creates uncertainty for
shareholders and it would seek to engage with Peabody on additional
information that Peabody has requested and on the tax issue.
By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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