Abingdon Mining Company Sold for $10 Billion
This is the Associated Press story filed around 9 a.m. Wednesday about the sale of Abingdon, Virginia - based Alpha Natural Resources.
—————
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.
Advertisement
Reader Reactions
Please post an up-date on the progress of the merger-buy-out of Alpha Natural Resources.
There are rumors that this purchase might not complete.
Also, readers would like more info!
AP, I can get that from countless sources. What people here want to know is whether the almost new Alpha Natural Resources corporate headquarters in Abingdon will close, and a lot of high-paying jobs here will disappear—or whether Abingdon might continue as operating headquarters for the ANR portion of the merged company, or maybe all of its coal operations. I hope the morning paper has more than this bare boned report. Jack White/ Abingdon
Advertisement