Australia's Coronado, U.S.-based Arch Resources end merger talks

Arch Resources

06/05/2022 01:45

May 6 (Reuters) - Australian coal producer Coronado Global
Resources Inc  CRN.AX  said on Friday it had been in
confidential talks about a merger with U.S.-based peer Arch
Resources Inc  ARCH.N , but that the companies were no longer in
discussions over a deal.
    Coronado, which already has coal mining facilities in
Virginia and West Virginia states, said https://clients3.weblink.com.au/pdf/CRN/02519060.pdf
 it was in talks with Arch as a part of its plan to boost value
for shareholders.
    "There are no expectations that the discussions with Arch
will resume," Coronado said in a brief statement.
    The Australian company had a market value of A$4.21 billion 
($3.00 billion), as of Thursday's close, while Arch was valued
at $2.72 billion.
    The news comes as the war in Ukraine drives European coal
consumers to chase companies like Coronado to meet demand ahead
of a European Union ban on Russian coal imports in August.
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($1 = 1.4043 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru; Editing by
Subhranshu Sahu)
 ((Himanshi.Akhand@thomsonreuters.com;))