U.S. District Court Upholds FTC's Decision To Block Peabody And Arch's Joint Venture Of PRB/Colorado Assets
30 September 2020 - 1:21AM
PR Newswire (US)
ST. LOUIS, Sept. 29, 2020 /PRNewswire/ -- Peabody (NYSE:
BTU) today announced that the U.S. District Court concluded its
review and is supporting Federal Trade Commission (FTC) efforts to
block the formation of the joint venture combining the companies'
Powder River Basin (PRB) and Colorado assets.
"We are deeply disappointed with the court's decision as the
intense all-fuels competition is clearly apparent to us," said
Peabody President and CEO Glenn
Kellow. "Our focus now is on continuing to be the
low-cost PRB coal provider to best compete against natural gas and
subsidized renewables. We remain committed to ensuring our
customers continue to have access to a reliable and affordable fuel
source."
Peabody is a leading coal producer, serving customers in more
than 25 countries on six continents. We provide essential
products to fuel baseload electricity for emerging and developed
countries and create the steel needed to build foundational
infrastructure. Our commitment to sustainability underpins
our activities today and helps to shape our strategy for the
future. For further information, visit PeabodyEnergy.com.
Contact:
Peabody
314.342.4351
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SOURCE Peabody
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