Canonsburg-based CONSOL Energy and CONSOL Coal Resources LP held a special shareholder meeting on Dec. 29 to approve the issuance of CONSOL Energy common stock shares.
CONSOL Energy recently announced it will merge one of its wholly owned subsidiaries with CONSOL Coal Resources. CONSOL Coal Resources would be an indirect, wholly owned subsidiary of CONSOL Energy.
“The completion of this merger allows the equity holders of both companies to benefit from a simplified corporate structure, improved consolidated credit metrics, elimination of dual public company costs, and improved financial flexibility,” Jimmy Brock, CONSOL Energy president and CEO, said.
CONSOL Energy purchased all of the outstanding common units of CONSOL Coal Resources. The units have been suspended from trading on the New York Stock Exchange.
Stockholders also approved the merger and the adoption of the merger agreement.
Holders of more than 83 percent of CONSOL Coal Resources’ outstanding limited partner interests approved the merger and the adoption of the merger agreement.
CONSOL Coal Resources manages and further develops all of CONSOL Energy’s active coal operations in Pennsylvania.
Assets include a 25 percent undivided interest in, and operational control over, the Pennsylvania Mining Complex and related infrastructure. The complex includes three underground mines: Bailey, Enlow Fork, and Harvey.