Alpha Natural Resources Proposes Takeover of Massey Energy

By: TIM HUBER - AP Business Writer
By: TIM HUBER - AP Business Writer

Alpha Natural Resources' chief executive says the planned $7.1 billion buyout of rival Massey will create a global company built on exporting U.S. coal for steelmakers.

Kevin Crutchfield told analysts Monday the combined company would produce more than 27 million tons of higher-priced metallurgical coal by 2013. The deal will start adding to earnings in 2012.

Massey Energy Co. shareholders would receive $10 a share and about 46 percent of the combined company's stock. Crutchfield says
Massey's board unanimously approved the bid over a management
proposal to remain independent.

Massey put itself on the market amid heavy losses following the April explosion that killed 29 miners at its Upper Big Branch mine.

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