Duquesne Capital Raises Stake in Alpha Natural (ANR), Has Concerns About Foundation Coal Merger
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In a 13D filing on Alpha Natural Resources, Inc. (NYSE: ANR), Duquesne Capital Management showed that they raised their stake to 8.31%, or 5,927,300 shares, and changed their filing status from 13G to 13D to reflect their more activist stance with the investment.
Specifically, Duquesne Capital said they have concerns about the proposed merger between the Company and Foundation Coal Holdings, Inc. (NYSE: FCL) announced in May. The firm said they are evaluating their position with respect to the proposed merger.
On May 11, Alpha Natural and Foundation Coal signed a definitive agreement under which the two companies will merge in an all-stock transaction, creating the world's 3rd largest coal producer. Under the terms of the definitive merger agreement, Foundation stockholders will receive 1.084 shares of the new company for each share of Foundation, and each share of Alpha will automatically become one share of the combined company.
Specifically, Duquesne Capital said they have concerns about the proposed merger between the Company and Foundation Coal Holdings, Inc. (NYSE: FCL) announced in May. The firm said they are evaluating their position with respect to the proposed merger.
On May 11, Alpha Natural and Foundation Coal signed a definitive agreement under which the two companies will merge in an all-stock transaction, creating the world's 3rd largest coal producer. Under the terms of the definitive merger agreement, Foundation stockholders will receive 1.084 shares of the new company for each share of Foundation, and each share of Alpha will automatically become one share of the combined company.
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