Consol, Arch Resources gain after $5 bln mining merger

Arch Resources

21/08/2024 13:59

** Shares of U.S.-based coal miners Consol Energy  CEIX.N 
rise 4.03% to $98.55 and Arch Resources  ARCH.N  jump 6% to
$134.35, respectively, in premarket trading 
    ** To merge in an all-stock deal to form a $5.2 bln coal
mining entity
    ** New company to be called Core Natural Resources, with
ARCH stockholders holding about 45% and CEIX owning the rest
    ** CEIX to issue 1.326 shares of common stock for each ARCH
share
    ** Deal expected to close by the end of Q1 2025, and
generate $110 mln to $140 mln of annual cost and operational
savings in six to 18 months following the completion
    ** For the year, CEIX and ARCH down 5.77% and 23.62,
respectively, through the last close
 

 (Reporting by Pooja  Menon)
 ((Pooja.Menon@thomsonreuters.com;))