Wesfarmers Ltd., the retail, industrial and mining company that’s Australia’s biggest private employer, sees value buying more coal mines after a 64 percent slump in high-grade coal prices drove down valuations.
Peabody Energy Corp. is leaving the door open for a rival bidder to step in for Macarthur Coal Ltd. by offering less for the Australian mining company than it did last year, even as profit is projected to double.
Macarthur Coal Ltd. , Whitehaven Coal Ltd. and Aquila Resources Ltd. may be Australian takeover targets for overseas suitors using cheap debt fueled by record- low U.S. interest rates, said Southern Cross Equities Ltd.
Anglo American Plc is exploring a bid for Macarthur Coal Ltd. that would challenge Peabody Energy Corp.’s A$4.7 billion ($4.9 billion) offer for the Australian miner, said two people with knowledge of the matter.
Noble Group Ltd. may be considering making a new approach to Macarthur Coal Ltd. as early as this week, the Australian Financial Review reported in its Street Talk column without saying where it got the information. A proposed deal that would have seen Noble become Macarthur’s largest shareholder was rejected by Noble shareholders. Macarthur is in talks with Peabody Energy Corp., which made a A$4.1 billion cash offer for the company.