Regional: Japan clears Peabody-ArcelorMittal bid for Macarthur

PEAMCoal, jointly owned by Peabody Energy and ArcelorMittal has cleared another regulatory step in its $4.73 billion takeover bid for Queensland's Macarthur Coal.

The company has received notice that Japan's Fair Trade Commission, the country's competition authority, will not challenge its offer for Macarthur.

PEAMCoal now needs the approval from the Ministry of Commerce of the People's Republic of China.

The takeover has already been approved by the Australia?s Foreign Investment Review Board and PEAMCoal has previously been advised the offer will not be subject to a review by the European Commission.

Macarthur Coal is advising its shareholders to take no action in relation to the offer and that it's continuing discussions with other interested parties.

The company yesterday announced a record net profit after tax of $241.4 million for the last financial year. (*)