Why Peabody Stock Jumped Today
Shares of Peabody (NYSE: BTU) popped 11% on Monday after the coal miner called off its merger talks with Coronado Global Resources.
The two companies agreed to end their plans to form a global coal empire by combining their assets in the U.S. and Australia. No reason was given for the decision.
Leading U.S. coal producer Peabody and Australia-based Coronado had been in talks since at least Oct. 12, according to a regulatory filing. Peabody has mining operations in multiple U.S. states and Australia. Coronado, meanwhile, operates mines in Queensland, Australia, as well as Virginia, West Virginia, and Pennsylvania.
Source Fool.com
