P. M. BRIEFING : Hanson Buys Stake in Coal Firm
British conglomerate Hanson PLC said today its U.S. arm was buying a 45% stake in Peabody Holding Co. Inc., the largest coal producer in the United States, for $504 million in cash.
Sir Gordon White, chairman of Hanson Industries, called the purchase “an attractive investment.”
Hanson Industries agreed to buy the Peabody holdings of three U.S. shareholders, Boeing Co., Bechtel Investments Inc. and energy company Eastern Enterprises.
U.S.-based Newmont Mining Corp. is the other major shareholder in Peabody, with a 55% share.
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