Anglo set for £3bn bid for Macarthur

MINING major Anglo American is set to make a rival £3bn bid for the Australian coalmining group Macarthur, the target of a £2.9bn hostile joint bid from Arcelor Mittal and Peabody Estate.

Anglo would be taking on the world’s biggest steelmaker, run by Lakshmi Mittal, one of Britain’s richest men, and Peabody, the world’s biggest coal producer.

Macarthur mines coal used in the production of steel. It is believed Anglo could launch a rival offer with Citic, the investment arm of the Chinese state.