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Tuesday, March 1, 2011

Western Coal CEO to run Walter Energy after merger, (NYSE: WLT), (TSE: WTN), (WTN)

Coal company Walter Energy Inc (WLT.N), which is in the process of buying Canada's Western Coal (WTN.TO)(WTN.L), said on Tuesday that Western Chief Executive Keith Calder will take the reins of the combined company after the deal is completed. Walter Energy's interim CEO Joe Leonard will step down from that position, but will remain on the company's board. The company said it expects the deal to close on April 1. Walter agreed to buy Western Coal for $3.3 billion in December, in a deal that will put it on track to becoming the world's No. 3 producer of steel-making metallurgical coal at a time of booming demand.