Arch Coal sets share buyback
biz.yahoo.com
Saturday September 15, 1:05 pm Eastern Time
ST. LOUIS, Sept 15 (Reuters) - Arch Coal Inc. (NYSE:ACI - news), the second-largest coal producer in the United States, said on Saturday that its board of directors has authorized the company to repurchase up to 6 million shares of its common stock, effective immediately.
The timing of any purchases, and the exact number of shares to be purchased, will depend on market conditions, the company said.
Shares of Arch Coal closed at $16.45 in New York Stock Exchange trading on Monday, the most recent day of trading.
Arch Coal has subsidiary operations in West Virginia, Kentucky, Virginia, Wyoming, Colorado and Utah. Through these operations, it provides the fuel for about 6 percent of the electricity generated in the United States, it said. |
