Walter Energy pursues Western Coal buy

Dec 03, 2010 | 02:34 PM | Lisa Gordon

Walter Energy Inc. said Friday it will purchase Western Coal Corp. for Canadian $3.3 billion ($3.2 billion), just a day after the parties said they needed more time to negotiate.

The merger, expected to be finalized in the second quarter 2011, will create one of the world's largest publicly traded producers of metallurgical coke with access to Pacific and Atlantic seaborne markets.

"This is a transformative transaction at a time when global demand for metallurgical coal is surging," said Joe Leonard, interim chief executive officer of Walter Energy.....

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