Peabody Energy spins off Patriot Coal

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Peabody Energy Corp. completed the spinoff of Patriot Coal Corp. to its shareholders through a special dividend of one share of Patriot for every 10 shares of Peabody held.

"Completing this spinoff was a key element in transforming our business portfolio," Peabody chairman and chief executive officer Gregory H. Boyce said in a company news release.

"Peabody and Patriot will both benefit by a distinct business focus and growth opportunities to build shareholder value."

Patriot trades on the New York Stock Exchange under the symbol "PCX" and has 26.6 million shares outstanding, according to the release.

Peabody announced the planned spinoff of the coal assets and operations in West Virginia and Kentucky on Oct. 10.

Peabody is a St. Louis-based coal mining and exploration company.

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