Consol wraps CNX buy

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Noah Brenner

 01 June 2010 21:30 GMT

Consol Energy has completed its buy of the remaining shares of CNX Gas for $918 million, making it a wholly owned subsidiary.



CNX, which is the natural gas arm of the Appalachian gas and coal producer, had 16.7% of its shares traded on the New York Stock Exchange, with Consol holding the remainder.

All public stockholders of CNX, other than those who validly exercise appraisal rights, now will receive $38.25 in cash for their shares.

Letters of transmittal will be mailed shortly to registered holders along with the notice of merger, Consol said in a release.

CNX's common stock will no longer be traded on the NYSE beginning today.

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