Source Pravda.Ru

CONSOL Energy suspends plans to acquire shares of CNX Gas Corp

CONSOL Energy has terminated negotiations over acquisition of CNX Gas Corp shares.

Earlier it was announced that CONSOL Energy would agree to a stock-for-stock purchase of CNX, worth of $932 million.

The plans were temporally put off due to unreasonable price demands from some shareholders, the demands that can’t be estimated in the current turmoil on the market.

CONSOL owns about 82 percent of CNX's 151 million shares and is not to sell them as CNX Gas is one of the nation's largest natural gas suppliers.