Wednesday, June 1, 2011

Alpha (ANR), Massey (MEE) Merger Approved by Shareholders

After two courts cleared the way for the merger between Alpha Natural Resources (NYSE:ANR) and Massey Energy (NYSE:MEE) to be consummated, shareholders of both companies also voted their approval for the $7 billion acquisition to go forward.

The new Alpha Natural Resources will become the second largest holder of coal reserves in the United States as a result of the merger with Massey.

On a global level, Alpha will be among the supply leaders for metallurgical coal.

Overall the new entity will operate 150 coal mines and 40 preparation plants.

Massey was trading at $65.81, falling $0.20, or 0.32 percent. Alpha Natural Resources was at $54.55, down $0.24, or 0.44 percent, as of 12:30 PM EDT.

No comments: