CONSOL and Arch complete merger to form Core Natural Resources
Published by Will Owen,
Editor
World Coal,
Core Natural Resources, Inc. has announced the completion of the merger of equals between CONSOL Energy Inc. and Arch Resources, Inc. to form Core.
The proposals required to consummate the merger received the support of more than 99% of the companies’ respective stockholders present and entitled to vote at recent stockholder meetings.
Shares of Arch ceased trading prior to market open on 14 January 2025. It is expected that shares of Core will start trading on the New York Stock Exchange under the ticker symbol ‘CNR’ beginning 15 January 2025, and under the ticker symbol ‘CEIX’ until then. Pursuant to the merger agreement, Arch stockholders received 1.326 shares of Core for each issued and outstanding Arch share.
Jimmy Brock, Core’s executive chair, comments:
“Today marks a milestone in the proud histories of two great companies. Through this transformational combination, we have created a global leader exceptionally well-positioned to compete and succeed in two significant, high-potential market segments – the global metallurgical and global high-rank thermal coal markets. Through these two core lines of business, the Core team expects to play an essential role in meeting the world’s growing steel, infrastructure, and energy requirements while driving long-term value for its many stakeholders, including stockholders, customers, employees, and the communities in which we live and work.”
Paul A. Lang, Core’s CEO, said:
“This combination joins two proven leadership teams and best-in-sector operating platforms to create a premier North American coal producer with worldwide reach and world-class mining and logistics capabilities. Since the merger’s announcement, the Arch and CONSOL teams have collaborated to lay the foundation for a swift, efficient, and value-creating integration, and we fully intend to hit the ground running in capturing the combination’s substantial synergies and realising the full potential of the new enterprise. At the same time, we will be building upon the central principles that have served as the bedrock of both Arch’s and CONSOL’s corporate cultures – a deep and unwavering commitment to safety; environmental and social stewardship; integrity; and operational excellence.”
Read the article online at: https://www.worldcoal.com/coal/15012025/consol-and-arch-complete-merger-to-form-core-natural-resources/
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