Noble Group - Macarthur's major shareholder warm toward Peabody latest bid

Macarthur has received responses from POSCO and ArcelorMittal as follows:

POSCO
“Subject to the Macarthur Board recommending Peabody’s proposal to its shareholders (in the absence of a superior proposal), and to POSCO considering and agreeing the key terms of its ongoing investment in Macarthur (a process which we could complete in a timely manner), POSCO confirms its in-principle support for a Peabody-led privatisation of Macarthur in the absence of a superior proposal. POSCO presently intends to retain its existing economic interest in the resultant private company structure.

For the avoidance of doubt, POSCO does not have, and it does not propose to enter into, any agreement arrangement or understanding (binding or otherwise) with Peabody relating to Macarthur, any power to exercise (or control the exercise of) a right to vote Macarthur shares, or any power to dispose of (or control the exercise of a power to dispose of) Macarthur shares.

POSCO will continue to carefully monitor and analyse all developments ahead of the EGM and reserves the right to vote its shareholding at the EGM in any manner that it determines in its absolute discretion.”

ArcelorMittal
“Although not providing [a] specific decision as to how ArcelorMittal will vote at any shareholders' meeting, ArcelorMittal does recognise that the Peabody offer is one that warrants MCC giving it due consideration and providing them the necessary time for the 5 days due diligence that [Peabody] have sought from MCC Board. ArcelorMittal will continue to carefully monitor developments in relation to MCC.”

A response from CITIC has not yet been received.

The Directors of Macarthur are meeting today, Friday 16 April 2010 to consider Peabody’s Further Proposal.

The Macarthur Board is committed to being in regular contact with shareholders and will keep you informed of future developments. The Macarthur Board reminds shareholders to not have any regard to public statements issued by any third party. Should you have any queries, please contact Macarthur’s shareholder enquiry line on 1300 160 409 (or +61 3 9415 4147).


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