Alpha Natural, Foundation Coal complete merger with shareholders' OK

By Lisa Kerner

Charlotte, N.C., July 31 - Alpha Natural Resources, Inc. and Foundation Coal Holdings, Inc. merged to become the third-largest coal producer in the United States after shareholders of both companies approved the transaction at separate special meetings on Friday.

The new company will retain the name Alpha Natural Resources and will continue to trade under the ticker symbol "ANR" on the New York Stock Exchange, according to an Alpha Natural news release.

Former Alpha Natural president Kevin Crutchfield was named Alpha Natural's chief executive officer. Former Alpha Natural chairman and CEO Michael Quillen was named executive chairman of the combined company.

Kurt Kost, who had been Foundation Coal's president and chief operating officer, is president of the combined company. James Roberts, who had been Foundation Coal's chairman and CEO, joins the combined company's board of directors.

In May, Alpha Natural and Foundation Coal announced they agreed to combine in an all-stock transaction valued at $2 billion to form the third-largest coal producer in the United States.

Foundation Coal stockholders received 1.084 shares of the new company for each share of Foundation Coal. Each Alpha Natural share automatically became one share of the combined company.

Shareholders of Foundation Coal, a Linthicum Heights, Md.-based coal producer, now own approximately 41% and Alpha Natural shareholders own about 59% of the new company, Alpha Natural said.

Alpha Natural, located in Abingdon, Va., supplies Appalachian coal to the steel industry, electric utilities and other industries.

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