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Monday, February 7, 2011

Western Coal announce special shareholder meeting, (TSE: WTN), (NYSE: WLT)

Western Coal Corp (WTN.TO) plans to hold a special shareholder meeting on March 8 to consider the C$3.3 billion bid from U.S.-based coal producer Walter Energy Inc (WLT.N). In December, Walter Energy agreed to pay C$11.50 in cash and stock for Western Coal. The deal will create the world's No. 3 producer of steel-making metallurgical coal at a time of booming demand. [ID:nLDE6B20EU] Western Coal said the deal remains conditional to the approval of its shareholders, the Supreme Court of British Columbia and the satisfaction of other conditions. The company said it expects the deal to close on, or about April 1. (Reporting by Euan Rocha; Editing by Derek Caney)