SYDNEY/NEW YORK: US coal firm Peabody Energy Corp raised its bid for Australia’s Excel Coal Ltd by nearly 12% to A$2bil (US$1.5bil), but speculation about a rival offer pushed Excel shares above Peabody’s new offer price.
Peabody, which raised its bid to placate Excel shareholders who complained it wasn’t paying enough, also said it bought a 19.99% stake in Excel. It said it believed the purchase and sweetened bid would ensure a successful acquisition.
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