Arch Coal has cleared a key regulatory hurdle facing its proposed $3.4 billion takeover of rival International Coal Group.
Scott Depot-based ICG and St. Louis-based Arch announced Wednesday that the the antitrust waiting period under U.S. law has expired. That satisfies one condition for the deal to close.
Arch agreed to buy ICG on May 2 and has since started a $14.60-a-share tender offer. The offer expires June 14.
Arch Coal Inc. says it's started $14.60 a share tender offer for rival International Coal Group.
Arch says the offer that started Monday expires June 14.
The St. Louis-based coal industry giant agreed to buy ICG for $3.4 billion May 2.
The deal is designed to exploit growing demand for high-priced coal used to manufacture steel. Arch says the combined companies would be the nation's second largest supplier of metallurgical coal.
Federal officials say Arch Coal will pay $4 million in fines and change some mining practices to settle alleged Clean Water Act violations in Virginia, West Virginia and Kentucky.
The deal announced Tuesday is between St. Louis-based Arch, the Environmental Protection Agency and the Department of Justice.
In addition to the story about mining you may have heard on NPR's All Things Considered this evening, a St. Louis-based coal company, Arch Coal, is in some trouble for one of their mines in West Virginia.
The U.S. Environmental Protection Agency is making good on a 9-month-old threat and revoking a permit for West Virginia's largest mountaintop removal mine.
St. Louis Public Radio is a service of the University of Missouri-St. Louis.