Alpha Natural Resources [ANR.N] is close to a deal to buy Massey Energy Co (MEE.N) for about $7 billion, a source familiar with the matter said on Friday. The Wall Street Journal first reported that talks were continuing and a deal could be signed on Friday night that would combine two of the biggest companies in the Appalachian coal business. The report said Massey shareholders will receive just over one Alpha share for each Massey share in addition to $10 per share in cash, for a value of around $68 a share -- a nearly 19 percent premium over Massey's closing share price of $57.23 on Friday. (Reporting by Paritosh Bansal, Editing by Bernard Orr and Carol Bishopric)
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