Al­pha buy­ing Massey for $7.1 bil­lion

The Washington Post Sunday - - POLITICS & THE NATION -

Massey En­ergy, strug­gling with losses af­ter an ex­plo­sion that killed 29 work­ers at aWest Vir­ginia coal mine, agreed Satur­day to be taken over by Al­pha Nat­u­ral Re­sources.

Abing­don, Va.-based Al­pha is pay­ing $7.1 bil­lion in cash and stock for the com­pany, the nation’s fourth-largest coal pro­ducer by rev­enue.

Massey op­er­ates 19 min­ing com­plexes in Vir­ginia, West Vir­ginia and Ken­tucky, in­clud­ing the Up­per Big Branch mine, where the April 5 dis­as­ter oc­curred.

A sale of Rich­mond-based Massey was ex­pected even be­fore the sud­den re­tire­ment last month of chief ex­ec­u­tive Don Blanken­ship. He was the strong­est ad­vo­cate on Massey’s board for re­main­ing an in­de­pen­dent com­pany.

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