Friday, July 1, 2011

Walter Energy Rallies On Buyout Rumor

Shares of Walter Energy, Inc. (NYSE: WLT) rallied more than 2% on Friday on speculation that the company could be a takeover target. Walter Energy, Inc. produces and exports metallurgical coal for the steel industry primarily in the United States. The company late Thursday announced that its new CEO Keith Calder is resigning, after taking the job just three months ago, because of disagreements over management philosophy. The Board has named Board member Joseph B. Leonard to succeed Mr. Calder as Interim Chief Executive Officer. Stay tuned for more.

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