221 GMT [Dow Jones] Peabody Energy (BTU) and ArcelorMittal (MT) appear prepared to accommodate minority shareholders in their joint bid for Macarthur Coal (MCC.AU), which has a minimum acceptance level of 50.01%, says Goldman Sachs. ArcelorMittal already has a roughly 14% stake, while Citic (1205.HK) has about 24% and Posco (005490.S) about 7%. Goldman has a buy recommendation and says Macarthur has been trading below its valuation of A$13.50/share, likely due to the shareholder structure and investor perceptions around the company. Macarthur is trading up 37% at A$15.17. ([email protected])
MCC Price at posting:
$15.16 Sentiment: Buy Disclosure: Held
