By Kevin McCauley
Sard Verbinnen & Co. is pitching Alpha Natural Resources' $7.1B takeover of Massey Energy, a deal that has ANR's stock down 7.1 percent today to $53.74.
The combination creates one of the world's largest metallurgical coal company poised to benefit on the worldwide upswing in steel manufacturing.
Kevin Crutchfield, ANR's CEO, believes Massey, owner of the Upper Big Branch mine in West Virginia where 29 miners died in April, will benefit from his company's employee-driven "Running Right" safety program.
The Wall Street Journal reports the takeover of 95-year-old Massey means the end of one of the most influential and controversial U.S. coal producers.
Massey is remembered for its massive battles with the United Mine Workers Union and its pugnacious former CEO Don Blankenship, who stepped down in the aftermath of Upper Big Branch disaster.
Massey, on Jan. 28, rejected the government's report on the reasons for the worst mine explosion in 40 years, which is the subject of criminal and civil investigations.
SV's team of Drew Brown, Michael Henson and Jonathan Doorley is working the takeover |