Anglo American Initiates Arbitration Proceedings After Peabody Deal Falls Through

Anglo American has initiated arbitration proceedings against Peabody Energy following the latter's withdrawal from a $3.78 billion deal to purchase Anglo's steelmaking coal operations. Peabody cited a material adverse change due to a fire at the Moranbah North mine as the reason for pulling out. Despite Anglo's efforts to negotiate a revised agreement, the deal was terminated, leading to Anglo seeking damages for wrongful termination. Peabody has received $29 million of the $75 million deposit and is requesting the remaining amount.