Arch Resources Completes Merger with CONSOL Energy, Forms Core Natural Resources – Acquisition Overview and Governance Changes

Arch Resources, a Delaware corporation, announced the successful completion of its merger with CONSOL Energy Inc., forming Core Natural Resources. The merger, completed on January 14, 2025, was executed as a merger of equals transaction as per the Agreement and Plan of Merger, dated August 20, 2024. The merger saw Arch merging with Mountain Range Merger Sub Inc., a wholly-owned subsidiary of CONSOL, with Arch becoming a wholly owned subsidiary of Core.

As part of the merger, Arch executed several crucial agreements. On the Closing Date, a subsidiary of Arch, Arch Receivable Company, LLC, and other entities entered into the Ninth Amendment to Third Amended and Restated Receivables Purchase Agreement, allowing the Receivables Purchase Agreement to remain in force post-merger, with necessary amendments for continuity. Additionally, Arch terminated outstanding obligations under two Credit Agreements on the Closing Date.

At the Effective Time of the merger, each Arch Common Stock share was converted into 1.326 shares of Core Common Stock. CONSOL rebranded as Core Natural Resources, and the NYSE ticker symbol changed to “CNR” from “CEIX,” with trading beginning under the new symbol on January 15, 2025. Restricted stock unit awards of Arch vested and converted into Core Common Stock, aligning with the merger terms.

Prior to the merger completion, Arch’s stock was delisted from the NYSE as per the Merger Agreement. Arch intends to file a Form 15 with the SEC to suspend its reporting obligations under Exchange Act Sections 13(a) and 15(d). The merger resulted in Arch becoming a wholly owned subsidiary of Core, leading to changes in the Board of Directors and executive officers composition.

Following the merger, Core experienced significant changes in its leadership. Core’s board comprises members from both former Arch and CONSOL boards. Jimmy Brock assumed the role of Executive Chair, with Paul A. Lang serving as the Chief Executive Officer. Core’s executive leadership includes Miteshkumar B. Thakkar as President and Treasurer, George J. Schuller Jr. as Vice President, and Rosemary L. Klein as Vice President and Corporate Secretary.

With the completion of the merger, Arch’s Restated Certificate of Incorporation was amended, forming Core. Important exhibits, including the Merger Agreement and details of the merger, are included in the 8-K filing. Declaration of the completion of the merger was shared through a press release, outlining Core’s vision for growth, consolidation plans, and operational synergies.

Core Natural Resources aims to realize substantial benefits following the merger, anticipating cost savings, improved operating efficiencies, and enhanced shareholder value. The merged entity is set to establish a prominent position in the North American coal market, leveraging combined expertise in mining, logistics, and environmental stewardship.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Arch Resources’s 8K filing here.

About Arch Resources

Arch Resources, Inc engages in the production and sale of metallurgical products. It operates in two segments, Metallurgical and Thermal. The company operates active mines. It owned or controlled primarily through long-term leases of coal land in Ohio, Maryland, Virginia, West Virginia, Wyoming, Kentucky, Montana, Pennsylvania, Colorado, and Illinois; and smaller parcels of property in Alabama, Indiana, Washington, Arkansas, California, Utah, and Texas.