• Most Popular
  • Most Shared

UPDATE 1-Alpha completes takeover of Foundation Coal

Fri Jul 31, 2009 11:04am EDT

Stocks

   

* Shareholders of both companies approve deal

* Alpha shares down 1.9 pct

NEW YORK, July 31 (Reuters) - Alpha Natural Resources Inc (ANR.N) completed its takeover of rival Foundation Coal Holdings Inc FCL.N after shareholders approved the deal on Friday.

Alpha's largest shareholder, Duquesne Capital Management, opposed the deal and had been lobbying investors to vote against it. But shareholders from both companies approved the takeover, Alpha said in a statement.

The company did not disclose the vote totals from the special meetings held to vote on the deal.

Foundation stockholders will receive 1.084 shares of a new company, also called Alpha Natural Resources, for each of their shares. Alpha shareholders will receive one share in the new company for each of their shares.

Shares of Alpha fell 64 cents, or 1.9 percent, to $32.81 in morning trading on the New York Stock Exchange. (Reporting by Michael Erman; Editing by Lisa Von Ahn and John Wallace)



More from Reuters

Photo

OPEC keeps oil supply unchanged

LUANDA (Reuters) - OPEC oil producers agreed on Tuesday to keep their supply curbs unchanged but may face an uphill battle to improve compliance with those restrictions if they want to drain bulging global fuel inventories.

» More Top News
Photo

The end of the carry trade?

Borrowing the dollar cheaply to fund purchases of higher-yielding assets was a no-brainer in 2009, but will it be a safe bet in 2010?  Full Article 

CURRENCIES
Cars travel along an overpass with an advertisement of a Saab vehicle in the background in Budapest December 21, 2009. REUTERS/Laszlo Balogh

Spyker races to clinch a deal

The Russia-backed carmaker is pressing ahead with a renewed bid for GM's Saab as reports of new backing from a Dutch billionaire swirl.  Full Article 

AUTOS