$442m Macarthur Sale Stokes Takeover Talk
The Age
Wednesday May 21, 2008
TAKEOVER speculation surrounding Queensland coal producer Macarthur is running hot after the apparent sale by Nathan Tinkler of his 10.4% stake for a record $20 a share or $442 million in an after market trade. The sale by the 32-year-old former electrician and horse racing identity has been expected since April, when Macarthur announced it was in takeover talks with a third party after one of its main shareholders (Mr Tinkler) was approached by the same party.
Anglo-Swiss miner Xstrata and the Chinese Government-backed CITIC - Macarthur's second biggest shareholder (17.6%) behind company founder Ken Talbot (21%) - have been the favoured groups to make a $4.2 billion bid for Macarthur.But the potential field is bigger, with BHP Billiton, Rio Tinto, Anglo American, Brazil's Vale, India's Tata and the world's biggest steel producer, Europe's ArcelorMittal, all said to have expressed an interest.Macarthur shares closed 7? lower at $18.38 a share ahead of the after-market crossing of 22.1 million shares at $20 each. -- BARRY FitzGERALD
© 2008 The Age
