ASX Hot Stocks News Macarthur Coal (MCC)

ASX Hot Stock News Macarthur Coal (MCC)|ASX MCC SharesMacarthur 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.

On 11 July, MCC received a takeover offer from Peabody Energy Corp and ArcelorMittal that values MCC at $4.68 billion.

Peabody offered $15 and $16 for the company in multiple attempts over the last two years, and ArcelorMittal owns 16.07% of the company.

The board makes no recommendation in relation to the indicative proposal so far. It will seek to engage the two companies in relation to the price and terms.

MCC has been one of the hot stocks following the takeover offer, bucking the weakness seen on the Australian share market.

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