Alpha Natural Resources Considering Buying Whitehaven Coal (ANR)

Coal miner Alpha Natural Resource ANR and private equity firm First Reserve are considering making a joint bid for Australia's Whitehaven Coal reports Reuters. The companies are said to be eyeing the company at a bid of around $2.75 billion. Whitehaven is known for its high quality thermal and coking coal. Whitehaven would be complementary to Alpha Natural Resources, which mainly focuses on metallurgical coal. All of these ingredients are used in the steel-making process. "Whitehaven confirmed that the company has had a data room in place for a long period of time for use in relation to various potential transactions," Whitehaven said in a statement emailed to Reuters. Shares of Alpha Natural Resources are down $2.01 to $41.81 in early Monday trade.