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Benzinga
Benzinga
Business
Akanksha Bakshi

Peabody Energy Stock Surges After Scrapping $3.8 Billion Anglo American Coal Deal

Peabody Anglo Anglo American Coal BTU ARCH NYSE Peabody Energy Australia
Stock gains

Peabody Energy Corp. (NYSE:BTU) has abandoned its planned $3.8 billion purchase of steelmaking coal assets from Anglo American (OTC:AAUKF), citing a material adverse change following a March fire at the Moranbah North mine in Australia. The incident left the mine idled with no clear timeline for resuming longwall production.

The withdrawal comes less than a year after Anglo agreed to divest the portfolio to Peabody as part of a sweeping restructuring effort. The original deal, valued at up to $3.8 billion, was expected to close in 2025.

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