This is the Associated Press story filed around 9 a.m. Wednesday about the sale of Abingdon, Virginia - based Alpha Natural Resources.
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NEW YORK (AP) - Mining company Cleveland-Cliffs says it will buy
Alpha Natural Resources for nearly $10 billion in cash and stock in
a move to boost its role as a supplier to the global steel
industry.
The boards of both Cleveland-based Cleveland-Cliffs Inc. and
Abingdon, Va.-based Alpha Natural Resources Inc. have approved the
deal, in which Alpha shareholders will receive 0.95
Cleveland-Cliffs shares ($105.89 based on the stock's Tuesday
closing price) and $22.23 in cash for each share held.
The combined company will be named Cliffs Natural Resources. The
new company would own nine iron ore facilities and more than 60
coal mines in North and South America and Australia.
Besides iron ore, Cleveland-Cliffs mines coal in West Virginia
and Alabama. Alpha operates coal mines in West Virginia, Virginia,
Kentucky and Pennsylvania.
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