MEDIA RELEASE PR39029
Statement in Response to Noble Group Press Release
ST. LOUIS, Apr. 6 /PRNewswire-AsiaNet/ --
Peabody Energy released the following today in response to a Noble Group
press release challenging Peabody's proposal for Macarthur Coal Limited.
Noble Group's press release today takes an oddly personal tone,
complaining of holiday work and Australian credentials. What it doesn't do,
though, is lay out any convincing evidence that Noble's transaction is
adequate. That's because Peabody's bid is clearly superior, but it would
upset Noble's deal whereby Noble would acquire a significant board presence
and nearly a quarter of Macarthur shares at a bargain-basement discount to
the current market value.
It is ironic that Noble, a Hong Kong-based company listed in Singapore,
would criticize any other company for being foreign headquartered. Peabody
stands on its track record in Australia, which includes decades of operating
experience and dates back to 1962 when we built the first major export mine
in Australia... some 25 years before Noble was founded.
Peabody has a 127-year heritage, and we have invested billions of dollars
in Australia in recent years, greatly increasing jobs and production. We have
been repeatedly recognized as a Fortune Most Admired company, Global Energy
Award winner and Forbes Platinum company.
In short, Peabody has the history, experience, capital and commitment to
create long-term shareholder value. And ultimately, that's what this is
about. Peabody's offer is significantly above the price at which Noble would
acquire both Macarthur shares and the opportunity to obtain a blocking
interest to any other offer for Macarthur.
We again urge Macarthur's board to delay the 12 April shareholder vote on
the Gloucester/Noble transaction, and instead give Macarthur shareholders the
opportunity to consider Peabody's superior proposal for Macarthur Coal.
Certain statements in this press release are forward-looking as defined
in the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on numerous assumptions that the company
believes are reasonable, but they are open to a wide range of uncertainties
and business risks that may cause actual results to differ materially from
expectations. These factors are difficult to accurately predict and may be
beyond the company's control. The company does not undertake to update its
forward-looking statements. Factors that could affect results include those
described in this press release as well as risks detailed in the company's
reports filed with the Securities and Exchange Commission.
CONTACT:
Vic Svec
+1 (314) 342-7768
SOURCE: Peabody Energy
CONTACT: Vic Svec
+1-314-342-7768
for Peabody Energy
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