Arch Coal has cleared a key regulatory hurdle facing its proposed $3.4 billion takeover of rival International Coal Group.
Scott Depot-based ICG and St. Louis-based Arch announced Wednesday that the the antitrust waiting period under U.S. law has expired. That satisfies one condition for the deal to close.
Arch agreed to buy ICG on May 2 and has since started a $14.60-a-share tender offer. The offer expires June 14.
The deal is designed to exploit growing demand for high-priced coal used to manufacture steel. Arch says the combined companies would be the nation's second largest supplier of metallurgical coal.
