"The way to become rich is to put all your eggs in one basket and then watch that basket." -Andrew Carnegie
In November of 2010, Walter Energy (NYSE:WLT) made a $3.25 billion offer for Western Coal Corp., which, at the time was thought to be a "transformative" transaction that would enable Walter to compete on a global scale.
From a December 2010 press release:
"This is a transformative transaction at a time when global demand for metallurgical coal is surging," said Joe Leonard, interim chief executive officer of Walter Energy. "Western Coal has an attractive high-quality metallurgical coal asset base and has embarked on an organic growth strategy that is expected to increase production more ...
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