Shares of Walter Energy Inc (WLT.N) jumped 28 percent Wednesday morning after a report that Anglo American (AAL.L) was weighing a bid for the metallurgical coal miner. The Times of London newspaper said in its market report on Wednesday that there were rumors of a bid for Walter by diversified mining group Anglo American. The report said Anglo was said to be weighing an offer for Walter, pitched at $120 a share, and would discuss the matter over the weekend. However, analysts at London broker Liberum Capital called such an offer "unlikely," citing Anglo's minimal presence in U.S. coal markets.
Walter Energy, Inc. is a producer and exporter of metallurgical coal for the global steel industry and also produces steam coal, coal bed methane gas (natural gas), metallurgical coke and other related products. Shares of WLT traded higher by 27.19% or $20.39/share to $95.38. In the past year, the shares have traded as low as $69.33 and as high as $143.76. On average, 2703030 shares of WLT exchange hands on a given day and today's volume is recorded at 5434001.
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