US coal miner Peabody Energy said on Tuesday it had terminated its planned acquisition of Anglo American’s Australian steelmaking coal business, citing a “material adverse change (MAC)” tied to a March ignition event at Anglo’s Moranbah North mine, prompting Anglo to threaten arbitration.
The $3.78-billion deal, agreed in November 2024 and scheduled to close in April 2025, would have transferred Anglo’s steelmaking coal assets to Peabody. However, Peabody said the March 31 event, which halted longwall production at Moranbah North, undermined the economics of the transaction.
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