Massey Energy (ANR) could have prevented last year's fatal West Virginia mine accident, the Mine Safety and Health Administration says. Faulty water sprays on a cutting machine failed to put out an initial spark that ignited methane gas and triggered a coal-dust explosion; Massey should have maintained the sprays and prevented the coal-dust buildup.
Like West Virginia's Supreme Court, a Delaware judge rejected an investor request to block Massey Energy's (MEE +0.4%) $7.1B sale to Alpha Natural Resources (ANR), saying shareholders should make the call on the deal - and they are expected to approve it today, with the hurdles cleared. Institutional investors tried to block the sale alleging that Massey was trying to escape liability for the Upper Big Branch collapse.
A group of Massey (MEE) shareholders are trying to halt the company's sale to Alpha Natural Resources (ANR), turning to an appeals court to block the $7.1B deal. The shareholders argue Massey's management only approved the sale to escape personal liability for the April 2010 blast that killed 29 workers.
A federal judge orders Massey (MEE) and Peabody (BTU) to turn over accident and injury-related documents to federal regulators. Officials are trying to determine if greater enforcement is needed due to repeated violations. Both companies had previously refused to turn over records.
The coal mine explosion that killed 29 Massey Energy (MEE -1.3%) workers last year could have been prevented and was primarily the result of the company's failed safety systems, according to a 13-month independent investigation into the accident. The company "frequently and knowingly violat[ed] the law and blatantly disregard[ed] known safety practices," the report says.
The prospect of slower growth in China trumped Libyan supply disruptions, as energy stocks of all stripes were clobbered today. Among the biggest decliners in the S&P 500: BTU -5.8%, MEE -5.4%, VLO -5%, CNX -4.4%, CHK -4.3%, DVN -4%, NBL -4%. The top five by market cap: XOM -3.6%, RDS.A -2.3%, CVX -3%, BP -3.7%, COP -3.7%.
As rumored, Alpha Natural Resources (ANR) moves ahead with a $7.1B, $69.33/share purchase of Massey Energy (MEE). Alpha CEO Kevin Crutchfield says the 21% premium is well worth it and that Massey has been at the top of the company's acquisition list for some time. (PR)
Alpha Natural Resources (ANR) is close to buying Massey Energy (MEE) for around $7B, sources say, or $68-69 share vs. Friday's $57.23 close. Earlier reports had suggested ArcelorMittal (MT) and at least one other company are also interested in Massey.
Massey Energy (MEE +2.2%) rejects virtually all of the U.S. government's findings on the causes of last April's fatal mine explosion that killed 29 men in West Virginia. Massey insists that there was a sudden inundation of natural gases that overwhelmed good air flow and other controls that should have contained the blast.
lol, the 3 kings who come up with all this analysis, I know I saw BTU but I'm seeing mixed emotions about coal, yup MEE & PCXCQ.OB have big sells
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MEE vs. ETF Alternatives
We are one of the largest coal producers in the United States and we are the largest coal company in Central Appalachia, our primary region of operation, in terms of tons produced and total coal reserves in 2009.
We produce, process and sell bituminous coal of various steam and metallurgical...More