corporate activity to fire up the coal sector

Takeover bid by Macarthur Coal for Gloucester Coal just announced

"Gloucester Coal Ltd ("Gloucester") has received a notice of an intention to make a takeover offer from
Macarthur Coal Limited ("Macarthur") to acquire all of the issued securities of Gloucester (the "Offer").
Under the takeover offer, Macarthur would offer Gloucester shareholders 0.84 Macarthur shares for every
1.00 Gloucester share held. Macarthur also intends to make a cash alternative available to Gloucester
shareholders at A$8.00 per Gloucester share held ("All Cash Alternative"). Gloucester's largest shareholder,
Noble Group Limited ("Noble"), owner of 87.7% of the shares in Gloucester, will elect not to receive the All
Cash Alternative if it chooses to accept the takeover offer."