In a deal that industry watchers say should trigger further consolidation in the coal industry, Tampa, Fla.-based Walter Energy, a maker of coal for the steel industry, has offered to buy Vancouver, British Columbia-based Western Coal for $3.2 billion. The deal is unusual, lawyers involved say, because of its sequencing. Rather than announcing an acquisition outright, the nonbinding agreement states that they will talk exclusively with each other for 14 days with the intention of signing a deal at the end of that period.
6 Firms on $3.3 Billion Proposed Canadian-U.S. Coal Deal
The American Lawyer
November 22, 2010