Walter Energy Inc.’s shareholders, who lost almost $2 billion in three months on management turmoil and disappointing earnings, may still be rewarded with a $4 billion windfall if the coal producer is acquired.
Already one of the cheapest major mining companies, Anglo American Plc is becoming an even more likely takeover target with Xstrata Plc and Glencore International Plc’s potential merger threatening to leave it dwarfed by three of its closest rivals.
U.S. investors cut stakes in oil- sands stocks, including Suncor Energy Inc. and Cenovus Energy Inc., as delays to the Keystone XL project and the lack of pipeline capacity depressed Canadian crude prices.
Nexen Inc. staged its biggest rally since Cnooc Ltd. announced a $15.1 billion takeover of the oil and gas producer in July, signaling rising confidence Canada will approve the deal as the deadline for a decision approaches.
China Petrochemical Corp.’s takeover of Daylight Energy Ltd. shows how the oil industry’s biggest selloff since 2008 is transforming companies from Talisman Energy Inc. to Newfield Exploration Co. into potential targets.