TORONTO (miningweekly.com) – US coal miner Alpha Natural has completed its merger with rival Foundation Coal, after shareholders in both companies approved the transaction on Friday.

The merged company is the third-largest coal producer in the US, with more than 60 coal mines, 14 preparation plants and more than 2,3-billion tons in coal reserves.

The new company will retain the name Alpha Natural Resources and continue to trade on the NYSE under the ticker symbol 'ANR'.

There had been a question mark over Friday's vote, after Alpha's biggest shareholder, Duquesne Capital Management, said last week that it would oppose the transaction.

However, two proxy advisory firms, Glass Lewis and RiskMetrics, both gave the deal their stamp of approval.

Alpha president Kevin Crutchfield has been appointed CEO of the combined firm, while Alpha chair and CEO Michael Quillen becomes executive chairperson.

“With this merger, we have created a stronger, more diversified company with the balance, size and scale to compete successfully in today's market environment,” Crutchfield said in a statement.

“Our combined production, demonstrated marketing expertise and vastly enhanced reserve base, as well as our strong balance sheet and credit profile, provide a tremendous foundation to invest in future growth for the benefit of all our stakeholders."

Under an agreement first announced in May, Foundation shareholders are entitled to receive 1,084 shares of the new firm for every one share they own in Foundation.

Alpha stock will automatically be converted on a one-for-one basis.

Foundation stockholders now own approximately 41% and Alpha shareholders own around 59% of the new company on a fully diluted basis.

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