Peabody Energy Shares Slip on Anglo American Asset Acquisition

Dow Jones

Nov 25, 2024

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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Shares had gained 13% year-to-date when the market closed last week. \n\n\n  Anglo American said overnight that it had signed a deal to sell its coal business to Peabody. \n\n\n  The deal is Peabody's biggest acquisition since it emerged from bankruptcy in 2017. \n\n\n  Anglo American has been under pressure to implement a restructuring after it fended off a nearly $50 billion takeover bid in May. 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