Peabody Energy Shares Slip on Anglo American Asset Acquisition

Dow Jones
2024/11/25

By Dean Seal

 

Shares of Peabody Energy fell after the company said it would buy Anglo American's remaining steelmaking coal assets for up to $3.775 billion.

The stock was down 7% at $25.48 in premarket trading. Shares had gained 13% year-to-date when the market closed last week.

Anglo American said overnight that it had signed a deal to sell its coal business to Peabody.

The deal is Peabody's biggest acquisition since it emerged from bankruptcy in 2017.

Anglo American has been under pressure to implement a restructuring after it fended off a nearly $50 billion takeover bid in May. The miner is also working to carve out its diamond, nickel and platinum segments to become solely a copper, iron-ore and crop-nutrients producer.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

November 25, 2024 07:09 ET (12:09 GMT)

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