The Financial Review reported today that Talbot had put his 24% stake in the company up for sale, a move which could trigger a $3 billion takeover of Macarthur.

Talbot is reportedly in talks with four potential buyers. A formal approach to the Macarthur board has been made by one interested party, rumoured to be Xstrata.

Talbot is currently facing 35 charges of corruption, after a $300,000 loan to former Beattie government minister Gordon Nuttall. The hearing for the case adjourned in February, and is due to conclude next month.

Macarthur Coal was trading mid-morning at $14.99 per share, up 13.13%.