Consol and Arch to combine, forming a $5 billion coal producer based in Pennsylvania

Arch Resources and Consol Energy are combining to form a single coal producer valued at more than $5 billion. Arch shareholders will get 1.326 shares of Consol common stock for each share of Arch they own. Consol shareholders will own about 55% of the new company — to be called Core Natural Resources — and Arch shareholders will own about 45%. Cole Natural Resources will be based in Canonsburg, Pa., just southwest of Pittsburgh, which is the current headquarters of Consol Energy. Consol Energy CEO and chairman, will be the company’s executive chairman and Arch CEO Paul Lang will be its chief executive.