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Alpha Natural Resources, Foundation Coal to hold merger vote July 31
By Lisa Kerner
Charlotte, N.C., June 18 - Alpha Natural Resources, Inc. and Foundation Coal Holdings, Inc. will hold separate special meetings of their respective shareholders on July 31 for the purpose of voting on the companies' proposed merger, it was announced on Thursday.
The record date for the meetings is June 25.
The merger is expected to close immediately upon approval by Alpha and Foundation shareholders.
In May, the companies agreed to combine in an all-stock transaction valued at $2 billion to form the third-largest coal producer in the United States.
Foundation stockholders will receive 1.084 shares of the new company for each share of Foundation. Each Alpha share will automatically become one share of the combined company.
As previously reported, the combined company will keep the Alpha name. Current Alpha chairman and chief executive officer Michael Quillen will become the chairman of the combined company, and Alpha president Kevin Crutchfield will be the CEO.
Foundation is a Linthicum Heights, Md.-based coal producer.
Alpha Natural Resources, located in Abingdon, Va., supplies Appalachian coal to the steel industry, electric utilities and other industries.
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