M & A wrap: ArcelorMittal jumps ship

October 25, 2011

ArcelorMittal, the world’s largest steelmaker, has unexpectedly pulled out of its joint $5 billion bid with Peabody Energy for Australian miner Macarthur Coal, just a day after the buyers said they had secured a majority of shares.

New Hope Corp, the $5 billion Australian coal miner that put itself up for auction earlier this month is considering a break-up and asset sales amid interest from global resource companies, two sources said.

Foster’s, Australia’s largest brewer, said it expects beer sales to pick up again when the economy improves, fuelling small shareholder anger at the company’s capitulation to a $10.4 billion takeover by SABMiller.

“Ivanhoe Mines Ltd.’s options show investors are becoming more convinced the copper and gold explorer will be a takeover candidate by March,” reports Bloomberg.

Fortune gives a rundown of the latest rumors swirling around Yahoo.

For your morning distraction, Kid Dynamite breaks down Google’s “Trending Now” list.

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