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Thursday, 01 April 10
AUSTRALIAN COAL PRODUCER REJECTS $3 BILLION PEABODY OFFER - STL TODAY
 STL today reported that, Australian coal producer Macarthur Coal Ltd. rejected a $3 billion cash takeover bid from Peabody Energy Corp., which seeks to expand its capacity to supply fuel to a fast-growing Asian market.
The hostile bid follows an earlier offer from St. Louis-based Peabody that was likewise turned down by Macarthur's board.
"Peabody's proposal is highly conditional and does not fully value Macarthur and its significant growth prospects," Macarthur Chairman Keith DeLacy said Wednesday in a statement.
Peabody, the world's largest private-sector coal company, has rapidly expanded operations in Australia since buying its first mine there six years ago. Last year, the company said it plans to double coal exports from the country by 2014.
The company on Wednesday said it is "disappointed" with the initial rejection and believes Macarthur's assets and growth prospects are a good fit with its existing Australian operations.
Brisbane-based Macarthur produced about 4.6 million tons of so-called metallurgical coal last year from two Queensland mines and is in the midst of an expansion. The company, which owns 145 million tons of reserves, supplies coal to steel mills in Asia, Europe and Brazil.
Peabody's offer values Macarthur at about $680 per ton of production and $21 per ton of reserves, according to Jefferies & Co. analyst Michael Dudas.
"We believe the initial bid is the first step in a long, complex negotiating process involving numerous players in the coal and steel industry," Dudas said in a research note.
Peabody said it is currently in discussions with Macarthur's three largest shareholders, who collectively own 47 percent of the company.
Peabody said its offer is conditional on Macarthur calling off an earlier agreement to purchase rival Gloucester Coal Ltd., which is 88-percent owned by Asian commodities firm Noble Group Ltd.
Macarthur is holding a meeting on April 12 for shareholders to vote on whether to issue shares to complete the Gloucester deal.
Peabody said its bid is 34 percent higher than the price of Macarthur shares to be issued to Noble as part of the Gloucester agreement. It is also higher than a February valuation by an independent expert hired by Macarthur, Peabody said.
Source: ST. LOUIS POST-DISPATCH (By: BY Jeffrey Tomich)
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Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
Tuesday, 30 March 10
CHINA'S DROUGHT RAISES COAL PRICES, LOWERS HYDROPOWER
Bloomberg reported that, Benchmark coal prices at Qinhuangdao, China’s largest port handling the fuel, rose for the first time in 10 weeks aft ...
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- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Planning Commission, India
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