Macarthur Coal Ltd (ASX:MCC) says it has abandoned a $110 million deal with CITIC Resources to buy out the company's interests in a joint venture.
In December 2009 the coal company announced its intention to acquire all of CITIC Resources stake in the Coppabella and Moorvale Joint Venture, for $11.3 million of its shares at $9.70.
Macarthur says it has now agreed with CITIC to terminate the transaction after some minority interests in the joint venture did not waive their pre-emptive rights.
Macarthur CEO and Managing Director Nicole Hollows says the company is committed to review and assess similar opportunities should they arise in the future.
Macarthur Coal reported a $168.56 million profit for the year ending 30 June 2009.
MCC Price at posting:
$13.07 Sentiment: None Disclosure: Held
