ARCELORMITTAL : News sur l'opa MacArthur

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30 août 2011 •05:48

SYDNEY—Macarthur Coal Ltd. on Tuesday backed a sweetened A$4.83 billion (US$5.12 billion) offer from Peabody Energy Corp. and ArcelorMittal, a move that could flush out rival bids for the Australian miner at a time when deal flow in the global coal sector is intensifying.

Takeover interest in Macarthur—the world's biggest miner by output of pulverized coking coal, a low-cost raw material used to make steel—reflects a growing desire by mining companies and steelmakers to secure supplies of raw materials used to support the rapid industrialization of China and other emerging economies.

Peabody and Arcelor, respectively the world's largest listed pure-play coal miner and the world's biggest steelmaker, raised their takeover offer to A$16.00 per share from A$15.50 per share previously in a bid to secure the backing of the Macarthur board and fend off other potential suitors that have been studying the miner's books.

"Although it remains possible that a superior proposal might be made, none have emerged to date and there can be no assurances that any will emerge," Brisbane-based Macarthur said in a statement.

By recommending Peabody and Arcelor's sweetened offer, Macarthur has accepted conditions including a "no shop, no talk clause" that prevents it from continuing talks with other parties. Still, this clause doesn't prevent Macarthur from considering rival offers.

Peabody and Arcelor say the bid needs the support of Macarthur investors holding 50.1% of shares to succeed. Arcelor already owns 16% of the company.

This means that Peabody and Arcelor don't necessarily need the support of China's Citic Resources Holdings Ltd. and South Korea's Posco Ltd., which own 24.6% and just over 7% of Macarthur's shares, respectively.

However, their bid campaign could be complicated badly if Citic or Posco launch their own offers or team up with a rival bidder.

"I would be skeptical of a rival bid for Macarthur Coal," CLSA Analyst James Stewart said, adding that A$16.00 per share is a "fair price".

"And I doubt the Macarthur Coal board would have accepted the higher bid, with these conditions, if they were of the opinion another party may launch a higher offer."

Other analysts took a different view. Andrew Gardner, commodities analyst at MF Global, said possible rival bidders that have already examined Macarthur's books may have been waiting for Peabody and Arcelor to make the first move before determining how much they should offer.

"We certainly wouldn't rule out the possibility of another bidder coming forward," Mr. Gardner said. "We've yet to see Citic show their hand and they are key to determining whether another bid will be forthcoming."