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Alpha Natural reaches $7.1B deal for Massey Energy
Alpha Natural Resources Inc. says it has reached a deal to buy rival coal company Massey Energy Co. for $7.1 billion in cash and stock.
Story 0 Comments Font Size: NEW YORK (AP) - Alpha Natural Resources Inc. says it has reached
a deal to buy rival coal company Massey Energy Co. for $7.1 billion
in cash and stock.
Massey, the nation's fourth-largest coal producer by revenue,
operates the Upper Big Branch mine in West Virginia where 29 men
were killed in an explosion last spring. It operates 19 mining
complexes in Virginia, West Virginia and Kentucky. The
Virginia-based company has struggled with two money-losing quarters
since last spring's explosion.
Alpha is offering 1.025 share of Alpha Natural Resources Inc.
for each share of Massey, plus $10 per share in cash. Together,
that represents a bid of $69.33 per share, a 21 percent premium
over Massey's closing share price Friday.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Arch Coal or Coalmac was looking into buyng them...