U.S. stocks rose, after the Standard & Poor’s 500 Index climbed for four straight weeks, as Exxon Mobil Corp. and U.S. Steel Corp. led a commodity rally while investors awaited data on employment and economic growth.
Alpha Natural Resources Inc. , the third-biggest U.S. coal producer, agreed to buy Massey Energy Co. for about $7.1 billion in cash and stock, gaining the largest coal company in the U.S. Central Appalachian region.
Coal demand is so great Alpha Natural Resources Inc. is buying Massey Energy Co. in the most expensive deal in the industry’s history, 10 months after Massey caused the worst U.S. coal mining accident in four decades.
Consol Energy Inc. agreed to sell assets including five West Virginia thermal-coal mines to Murray Energy Corp. for about $850 million to help fund the expansion of natural gas production from shale deposits.
Alpha Natural Resources Inc., the second-biggest U.S. coal producer, increased a loan it’s seeking to refinance debt to $625 million from $500 million, according to a person with knowledge of the transaction.
China Shenhua Energy Co. and American coalminer Alpha Natural Resources Inc. may bea mong companies interested in acquiring Whitehaven Coal Ltd., the Australian Financial Review reported in its Street Talk column, without citing anyone. Some U.S. natural resources funds also have the capacity to buy the company, which has been up for sale informally for about a year, the newspaper said.