Peabody proposed acquisition of Tier 1 Australian metallurgical coal assets from Anglo American
Client(s) Peabody Energy Corporation
Jones Day advised Peabody on the entry into definitive purchase agreements for the proposed acquisition of significant Tier 1 Australian Metallurgical coal assets from Anglo American plc for a cash consideration of up to US$3.775 billion, as well as assisting Peabody in obtaining various anti-trust (in Vietnam, South Korea, Japan, China, Türkiye, the Slovak Republic, India, Brazil, and Taiwan) and foreign investment approvals for the proposed acquisition.
The proposed acquisition included four metallurgical coal mines – Moranbah North, Grosvenor, Aquila, and Capcoal – located in Australia's Bowen Basin, which is widely recognized for the world's highest-quality steelmaking coal. Peabody ultimately terminated the proposed acquisition citing a ‘material adverse change’ as a result of an ignition event at the Moranbah North mine.
The proposed acquisition included the Dawson mine, which Peabody had separately agreed to on-sell to Indonesia's BUMA Internasional Grup Tbk (BUMA) for total consideration of US$455 million. Jones Day also advised on the sale to BUMA.
