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Macarthur Coal says major shareholder quits board

Sun Jun 22, 2008 7:48pm EDT

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SYDNEY, June 23 (Reuters) - A major shareholder in Australian miner Macarthur Coal Ltd (MCC.AX), Ken Talbot, has quit the company's board, Macarthur said on Monday, in a move designed to give him more flexibility to decide the future of his stake.

Talbot holds 19.76 percent of the company.

Steel-maker ArcelorMittal (ISPA.AS), the world's top steelmaker, bought 14.9 percent of Macarthur for $604 million in May and has been holding talks on an unspecified new transaction with the Australian firm.

"Mr Talbot...has advised that he is stepping down from the board because he believes that it is in the company's interest for him to do so," Macarthur said. "It will also allow him greater flexibility to fully deal with his remaining stake." (Reporting by Mark Bendeich)



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