alpha natural resources

alpha natural resources

Alpha Natural snaps up Foundation Coal for $1.4B
Alpha Natural Resources will buy Foundation Coal for about $1.4 billion, the companies announced Tuesday, creating one of the nation's largest coal producers.
Foundation shares jumped 27 percent in premarket trading, or $6.26, to $29.50. Alpha shares fell 34 cents to $28.52.
A number of large coal companies have said that they are scouting for acquisitions, including Alpha, as the industry wrestles with weak demand.
The all-stock buyout of Foundation, assuming $530 million in debt, is valued at about $2 billion by the companies. The combined company would have had pro forma revenue of $4.2 billion last year.