Reuters reported that US coal giant Peabody Energy Corp extended its USD 5 billion bid for Australia's Macarthur Coal Ltd after failing to reach the 90 percent threshold for acceptances by its Friday deadline.

Peabody's acquisition of Macarthur will give it control of the world's top producer of pulverized coal as demand for steel-making materials holds up in Australia's key coal market, China.

Peabody said the AUD 16 per share bid will now expire on November 25. The offer rises to AUD 16.25 if more than 90% of Macarthur's shares are tendered

South Korean steelmaker POSCO, which owns a 7.25% stake, is the last remaining major holdout after major shareholder China's Citic accepted the bid in October.

(Sourced from Reuters)