Australian Mining Shares News Macarthur Coal (MCC)

Australian Mining Shares News Macarthur Coal (MCC)|ASX MCC StocksMacarthur Coal (ASX:MCC) is a coal miner, supplying low volatile pulverized coal injection coal (PCI coal) to the steel mills of Asia, Europe and Brazil as well as some thermal and coking coal.

Its primary focus is production at the Coppabella and Moorvale coal mines located near Moranbah in Queensland’s Bowen Basin, which together provide approximately 47% of the PCI coal exported from Australia.

Today, MCC rejected a revised $16.00 a share offer from Peabody Energy and Arcelor Mittal.

The new bid, which values MCC at $4.84 billion, trumps the previous offer of $4.73 billion.

However, MCC knocked back the bid, saying instead it was prepared to accept an offer of $5.68 billion ($18 a share) once the two suitors acquired over 90% of the company.

MCC was one of the hot stocks when news of the initial takeover broke on 11 July.  Its shares surged 37% the next day, making it one of the best performers in the stock market.

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