All Gassed Up Consol Energy Gets CNX

Shares of CNX Gas skyrocketed in Monday trade after Consol Energy pronounced the dual companies reached an agreement for Consol to squeeze the superfluous 37% of CNX that it does not already own for rounded off $363.4 million. According to the conditions of the deal, Canonsburg, Pa.-based Consol Energy ( CNX - news - people ) will compensate $38.25 for 9.5 million superb shares of CNX Gas ( CXG - news - people ). On headlines of the sale, shares of Pittsburgh-based CNX soared 22.8%, or $7.03, to $37.83 in Monday midday trade whilst Consol dipped 63 cents, or 1.4%, to $44.92.emailprintreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterRedditrssforbes:http://www.forbes.com/2010/03/22/consol-energy-cnx-gas-markets-equities-acquisition.html?partner=yahoobuzzConsol says it will financial the understanding with internally generated funds, as well as borrowed income from the credit comforts and bonds offerings. T. Rowe Price Group concluded to proposal the shares, that Consol will suggest by May 5.On Mar 15, Consol voiced an even bigger acquisition, observant it would take the Appalachian scrutiny and prolongation commercial operation of Dominion Resources ( D - news - people ) in a $3.5 billion deal. The understanding is approaching to close in April.According to Michael Tian of Morningstar, the understanding allows Dominion to concentration on the fast application commercial operation whilst construction on Consols Appalachian presence. "This prolongation bottom should be fast and beget large money flows but we dont design most upside from scrutiny or serve development," he said. (See "Natural Gas Producers Slip On Demand Concerns.")To account the acquisitions, Consol voiced on Monday that it began an charity of $2.75 billion comparison records with a little due 2017 and a little due 2020. Specific amounts have not nonetheless been specified. In addition, the association voiced an charity of $1.75 billion of the usual stock. ,,2010/03/22/consol-energy-cnx-gas-markets-equities-acquisition.htmlOther appetite companies were churned on Monday. Anadarko Petroleum ( APC - news - people ) gained 63 cents, or .9%, to $70.63; Chesapeake Energy ( CHK - news - people ) dipped 72 cents, or 3%, to $23.50; and Devon Energy ( DVN - news - people ) lost 67 cents, or 1%, to $63.64.
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