Peabody (BTU), ArcelorMittal (MT) Agree on Due Diligence for Macarthur

Peabody Energy (NYSE: BTU) and ArcelorMittal (NYSE: MT) have agreed to a due diligence process for Macarthur Coal Ltd.

Following discussions between the parties, Peabody and ArcelorMittal have agreed to:

• Improve the indicative proposal by allowing a dividend of 16 cents per share to be paid to Macarthur shareholders without reducing the price per share; and
  
  
• Reduce the number of conditions attached to the proposal.

In return, Macarthur has agreed to provide due diligence and site visits to Peabody and ArcelorMittal, commencing July 18, 2011.

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