CONSOL mine sale receives clearance
CONSOL Energy Inc. announced Monday the mandatory antitrust waiting period for the sale of its Consolidation Coal Co. subsidiary to Murray Energy Corp. has expired, clearing the way for the sale.
In October, CONSOL agreed to sell the subsidiary, which includes all five of its West Virginia longwall coal mines, to Murray in a deal valued at roughly $3.5 billion.
The move was part of a CONSOL strategy to shift away from coal toward higher-margin natural gas operations.
The 30-day waiting period provides regulators with time to review the transaction and ensure it doesn't violate any applicable antitrust laws.
The companies still have to satisfy other customary closing conditions prior to completing the deal. CONSOL said Monday it expects to close the sale within the next few weeks.