If you were looking for a sign that coal prices have finally bottomed out, then the ramping up of merger and acquisition activity is often a good indicator.Just as major mining companies tend to purchase assets at inflated prices at the zenith of the market, they tend to sell them at discounts at the nadir.In the past few days, a flurry of announcements have hit the headlines, including Anglo American's proposed sale of coal assets in Australia and South Africa, and Peabody Energy and Glencore agreeing to form a joint venture at neighbouring mines in Australia's Hunter Valley basin.The M&A activity hasn't been limited to Australia and South Africa, with Brazil's Vale selling a stake in its Mozambique mine to Japan's Mitsui, and Consol Energy saying it plans to pursue an initial public offering of some of its U.S. thermal and coking coal assets.
Peabody Energy Corporation (Peabody) is a private-sector coal company. Shares of BTU fell by 10.48% or $-0.91/share to $7.77. In the past year, the shares have traded as low as $7.76 and as high as $19.94. On average, 14445900 shares of BTU exchange hands on a given day and today's volume is recorded at 18239580.
Shares of CNX fell by 3.16% or $-1.14/share to $34.96. In the past year, the shares have traded as low as $31.64 and as high as $48.30. On average, 3056450 shares of CNX exchange hands on a given day and today's volume is recorded at 3108334.
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