Alpha Natural To Replace Massey In S&P 500 Next Month On Takeover
25 Maggio 2011 - 12:08AM
Dow Jones News
DOW JONES NEWSWIRES
Standard & Poor's said Tuesday that Alpha Natural Resources
Inc. (ANR) would replace Massey Energy Co. (MEE) in the S&P 500
index after the close of trade on June 1.
The change anticipates Alpha's acquisition of Massey, a
cash-and-stock deal valued at $7.1 billion that Massey shareholders
will vote on that day. The combination would make Alpha the world's
third-biggest producer of steelmaking coal. In its latest quarterly
results, Alpha Natural's adjusted earnings fell below expectations
because of higher costs.
Alpha stock rose 2.3% to $51.05 in after-hours trading. The
shares of a company joining a major index like the S&P 500 tend
to rise as index-tracking funds buy the stock. Massey stock also
rose 1.7% to $61.80 in light trading after hours.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com
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