Arch Resources in talks to merge with Consol Energy, Bloomberg News reports (updated)

Arch Resources

21/08/2024 03:55

(Adds background and details)
       Aug 20 (Reuters) - Coal producer Arch Resources  ARCH.N 
is nearing an agreement to merge with Consol Energy  CEIX.N  in
a deal that could create a $5 billion coal mining company,
Bloomberg News reported on Tuesday, citing people familiar with
the matter. 
    An agreement could be announced as soon as this week, the
report said, adding that a deal is yet to be finalized and talks
could still fall apart.
    Arch Resources and Consol Energy did not immediately respond
to Reuters' requests for comment outside business hours.
    Missouri-based Arch Resources holds a market capitalization
of $2.29 billion while Consol Energy has a market value of $2.78
billion, according to LSEG data. 
    Dealmaking activity in the oil and gas industry increased
57% last year as energy companies boosted development spending,
driven by higher cash flows from profits in prior years,
according to a report by Ernst & Young on Tuesday. 

        
  
            
  

 (Reporting by Harshita Meenaktshi in Bengaluru; Editing by
Sherry Jacob-Phillips)
 ((HarshitaMeenaktshi.R@thomsonreuters.com;))