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Macarthur shares fall as ArcelorMittal talks fail
MELBOURNE (Reuters) - Shares in Macarthur Coal Ltd (MCC.AX) slid 9 percent on Wednesday after it failed to come up with a takeover offer from the world's biggest steel-maker, ArcelorMittal (ISPA.AS).
Coming off a two-day trading halt, Macarthur Coal shares hit a low of A$18.77 in early trade. It stood at A$18.80 at 8:09 p.m. EDT.
Macarthur said late on Tuesday talks with ArcelorMittal did not result in a proposal for a takeover, but welcomed the group as a major shareholder and said it would continue its long-term relationship with ArcelorMittal as a key customer.
Investors had expected a takeover offer slightly above A$20 a share after ArcelorMittal bought 14.9 percent of the group for A$604 million, picking up shares from its founder, Ken Talbot, and another major shareholder for around A$20 a share.
Talbot, who still owns 19.76 percent of the group, quit the board this week and said he would sit on the sidelines until someone launched a formal bid for the company.
($1=A$1.05)
(Reporting by Sonali Paul, editing by Mark Bendeich)
