It made contact again last Friday, unveiled its $15.50 takeover proposal on Monday, and was invited in again to do due diligence yesterday after agreeing that Macarthur shareholders could also keep a June-half dividend of up to 16¢ a share, taking the total to $15.66. The US group is bidding jointly this time with Macarthur's 16 per cent shareholder, the ArcelorMittal steel group, and wants only a majority of the shares as a minimum, compared with a 75 per cent minimum last year. But there are two other large shareholders on the register, China's CITIC investment house, which owns 24.5 per cent, and Korea's Posco steel group, which owns 7 per cent, and the attitude of CITIC in particular will be important. CITIC did not favour Peabody's revised $15-a-share offer last year, and it is a potential partner in any counter-bid. An auction is not assured, but it's believed that there has been initial contact between Macarthur and other interested parties.