Coal miners Massey Energy Co (MEE.N) and Alpha Natural Resources Inc (ANR.N) cleared legal hurdles to their $7 billion merger on Tuesday after courts in West Virginia and Delaware refused to block the deal. The rulings by West Virginia's Supreme Court of Appeals and Delaware's Chancery Court cleared the way for shareholders to vote to approve the deal on Wednesday. The merger would create the second-largest U.S. coal miner by market value, and will bring to a close Massey's recent history marked by piles of citations for safety violations. An accident at Massey's Upper Big Branch mine in West Virginia last year killed 29 people and sent the company's stock tumbling from $54 per share to below $30 per share.
Massey Energy Company (Massey) is a coal producer in the United States. Shares of MEE traded higher by 3.09% or $1.98/share to $66.0. In the past year, the shares have traded as low as $25.85 and as high as $71.19. On average, 3734530 shares of MEE exchange hands on a given day and today's volume is recorded at 4212284.
Alpha Natural Resources, Inc. (Alpha) is a coal supplier in the United States. Shares of ANR traded higher by 3.24% or $1.72/share to $54.79. In the past year, the shares have traded as low as $32.00 and as high as $68.05. On average, 6086950 shares of ANR exchange hands on a given day and today's volume is recorded at 7405047.
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