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Chinese regulatory approval was required because China is a major customer of pulverized coal injection (PCI) metallurgical coal and Macarthur controls a substantial slice of that market.”This action from MOFCOM now clears the way for us to complete this transaction in a timely manner,” said Peabody Energy Chairman and Chief Executive Gregory H. Boyce.Peabody and ArcelorMittal have extended their takeover bid to October 28.Macarthur has accepted a sweetened offer from Peabody and Arcelor after failing to find a rival bidder.PEAMCoal currently has a 22.7 percent stake in Macarthur.
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