US coal producer Consol Energy Inc. agreed to buy rival Arch Resources Inc. for $2.3 billion as the transition to greener fuels threatens the industry’s long-term outlook. The companies announced the transaction in a statement Wednesday. The deal talks were reported earlier by Bloomberg. Under the terms of the merger agreement, Arch stockholders will receive a fixed exchange ratio of 1.326 shares of Consol stock for each share of Arch common stock. Consol shareholders will own about 55% of the combined company, to be called Core Natural Resources.
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