Foundation Coal, Alpha Natural all-stock merger could close this week

By Lisa Kerner

Charlotte, N.C., July 27 - Foundation Coal Holdings, Inc. chairman and chief executive officer James F. Roberts said the company's merger with Alpha Natural Resources, Inc. could close on Friday, shortly after shareholders from both companies vote on the transaction.

"All necessary regulatory approvals have been obtained, we received a nearly unanimous consent from our lenders to amend Foundation's bank credit agreement upon closing, and our joint proxy became effective in late June," Roberts said in a company news release.

In May, the companies agreed to combine in an all-stock transaction valued at $2 billion to form the third-largest coal producer in the United States.

As previously reported, Foundation stockholders will receive 1.084 shares of the new company for each share of Foundation. Each Alpha share will automatically become one share of the combined company.

Foundation is a Linthicum Heights, Md.-based coal producer.

Alpha, located in Abingdon, Va., supplies Appalachian coal to the steel industry, electric utilities and other industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.