Consol Energy And Arch Resources To Merge In $5B Domestic Coal Entity

Arch Resources (NYSE:ARCH) and Consol Energy (NYSE:CEIX), two of the largest coal miners in the United States, are entering a merger that will create a $5.2 billion coal mining company."This merger will join two proven leadership teams and best-in-sector operating platforms to establish a premier North American coal producer with worldwide reach and world-class mining and logistics capabilities," said Paul Lang, Arch's CEO.The all-stock merger will create a company controlling 11 mines, including some of the largest, lowest-cost, and highest-calorie domestic assets.Both companies have experienced a challenging year, with Consol Energy's shares dropping by 5.8% and Arch Resources' shares declining by 24%, reflecting industry struggles as coal faces increasing competition from renewable energy sources.Now read: Is Coal Dead? Wind Just Ate Its Lunch This Year — 7 Energy ETFs To Watch In 2024Arch stockholders will receive a fixed exchange ratio of 1.326 shares of CONSOL common stock for ...Full story available on Benzinga.comWeiter zum vollständigen Artikel bei Benzinga Weiter zum vollständigen Artikel bei Benzinga