Whitesburg KY

Consol Energy to purchase rest of CNX Gas properties


Consol Energy Inc. is buying the rest of CNX Gas Corp. that it doesn’t already own for approximately $363.4 million.

The coal and natural gas company said this week it would pay $38.25 per share for the remaining 9.5 million CNX shares, roughly a 37 percent stake.

The offered price is a 24 percent premium to CNX Gas’ March 19 closing stock price of $30.80.

Consol Energy said it plans to finance the deal with internal funds, borrowings under its credit agreements and securities off erings.

Consol Energy will start a tender off er by May 5 for the CNX Gas shares. T. Rowe Price Associates Inc. will tender the shares that its investment advisory clients own into the off er.

Both companies are based in Canonsburg, Pa., near Pittsburgh.

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