Peabody Energy, a coal mining company, was falling early Monday after it agreed to buy the steelmaking coal business of mining giant Anglo American.Shares fell 1.7% to $26.95 when the market opened. The company is paying up to $3.

Anglo American signed a deal to sell its remaining steelmaking coal assets to U.S. miner Peabody Energy for up to $3.8 billion, the first major step in its large-scale business reshaping.

Peabody Energy has obtained a $2.075-billion bridge loan from a mix of banks and private credit to back its acquisition of Anglo American’s steelmaking coal business. The US miner plans to refinance the loan before the acquisition closes in the first half of next year,

Anglo American Plc said it’s agreed to sell its steelmaking coal business for about $4.9 billion, including the already announced sale of its interest in Jellinbah Group.

Anglo American is selling its remaining steelmaking coal assets for up to $3.8 billion to U.S. firm Peabody Energy, as the London-listed mining giant restructures its business after rejecting several takeover bids by rival BHP.

With US demand for coal waning, Peabody Energy Corp. has struck a deal to shift its focus on targeting growth in the global steel market.

(Reuters) -Anglo American on Monday agreed to sell its Australian steelmaking coal mines to Peabody Energy for a cash consideration of up to $3.78 billion, in its first major disposal as part of a wider restructuring plan.

"Peabody to acquire Anglo American’s steel-making coal assets in Australia for $2.32bn" was originally created and published by Mining Technology, a GlobalData owned brand.

Anglo American (LSE:AAL,OTCQX:AAUKF) said on Monday (November 25) that it has entered into definitive agreements to sell its entire steelmaking coal business in Australia to Peabody Energy (NYSE:BTU).