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Macarthur rejects Peabody offer

US Coalminer Peabody Energy may have to increase its bid for Macarthur Coal by about 14 per cent, after the Australian miner rejected its sweetened $3.27bn ($3.27bn) bid. Peabody Energy said it is still trying to woo the top shareholders and the board of Macarthur Coal although it declined to comment on whether Peabody would make another offer ahead of Macarthur shareholders’ vote on a rival plan to take over Gloucester Coal.