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Peabody rises after Thomist takes stake, suggests buybacks

22nd August 2024

By: Bloomberg

  

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Peabody Energy rose more than 7% after Thomist Capital Management disclosed a 9.96% stake and urged the coal miner to buy back shares.

Thomist suggested to Peabody management that the company should use some of its $1.45-billion cash balance to repurchase stock, get more value out of its Powder River Basin assets, and sell a stake in its Centurion mine in Australia, according to a filing Tuesday. Peabody was up 7.4% to $24.22 at 9:38 a.m. in New York on Wednesday.

Peabody’s filing came as Arch Resources Inc. and Consol Energy Inc. agreed to combine in an all-stock merger to create Core Natural Resources, a producer and exporter of coal.

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Edited by Bloomberg

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