May 6 (Reuters) - Australian coal producer Coronado Global Resources Inc (CRN) said on Friday it had been in confidential talks about a merger with U.S.-based peer Arch Resources Inc ARCH.N , but that the companies were no longer in discussions over a deal.
Coronado, which already has coal mining facilities in Virginia and West Virginia states, said https://clients3.weblink.com.au/pdf/CRN/02519060.pdf it was in talks with Arch as a part of its plan to boost value for shareholders.
"There are no expectations that the discussions with Arch will resume," Coronado said in a brief statement.
The Australian company had a market value of A$4.21 billion ($3.00 billion), as of Thursday's close, while Arch was valued at $2.72 billion.
The news comes as the war in Ukraine drives European coal consumers to chase companies like Coronado to meet demand ahead of a European Union ban on Russian coal imports in August.
($1 = 1.4043 Australian dollars)
News: CRN Australia's Coronado, U.S.-based Arch Resources end merger talks
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Last
35.0¢ |
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Mkt cap ! $586.7M | |||
| Open | High | Low | Value | Volume |
| 35.5¢ | 37.5¢ | 34.8¢ | $30.29M | 86.23M |
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| No. | Vol. | Price($) |
|---|---|---|
| 3 | 112000 | 35.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 36.0¢ | 23416 | 1 |
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