Shares in Macarthur Coal Ltd rose on Friday on the back of market speculation that Xstrata Coal Qld Pty Ltd could make a bid for the company.

Macarthur Coal is developing a prospect at West Rolleston, in central Queensland, which just 25 kilometres west of the Rolleston mine which is being developed by Xstrata.

Macarthur also recently appointed a new chief financial officer – Ian Fuller – who was previously group financial controller at Xstrata Coal.

The company said on April 21 that it had received an approach from a third party, but that no formal written offer had been made.

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