Macarthur bids $577m for rival miner
China Daily | Updated: 2009-12-23 08:07
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A geologist logs samples at a Macarthur Coal Ltd facility in central Queensland, Australia. Macarthur has an initial accord to pay A$175 million in cash and 22.5 million in new shares for the Noble mine stakes. Bloomberg News |
MELBOURNE: Macarthur Coal Ltd, the world's biggest exporter of pulverized coal used by steelmakers, bid A$656 million ($577 million) in cash for Gloucester Coal Ltd, adding two mines in Australia amid surging demand in Asia.
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