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Peabody Energy and ArcelorMittal have been given approval by the Foreign Investment Review Board for Macarthur Coal Limited (ASX:MCC).
The bidders say they’ve been given permission for the $5 billion takeover bid.
Peabody took its bid directly to shareholders having failed to reach an agreement with the company’s board. Macarthur had advised shareholders to take no action on the $15.50 per share offer.
Macarthur Coal reported a net profit of $141 million for the half year ended December 31, 2010.
