October 3, 2018 / 1:34 PM / 2 months ago

Peabody Energy in talks to buy Drummond to expand global footprint: WSJ

(Reuters) - U.S. miner Peabody Energy Corp (BTU.N) is in discussions to buy Colombia’s top coal exporter Drummond International Llc, The Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Peabody will acquire 80 percent of Drummond International, leaving the rest of the company in the hands of Japanese trading house Itochu Corp (8001.T), the Journal reported, citing the people.

Peabody declined to comment on the deal, while Drummond was not immediately available.

Last year, Peabody emerged from Chapter 11 protection a year after it had filed for bankruptcy protection, after a sharp drop in coal prices left it unable to service debt of $10.1 billion. (reut.rs/2xYPsZK)

Peabody shares were down 0.4 percent at $35.74 in early trading.

Reporting by Diptendu Lahiri in Bengaluru; Editing by Shailesh Kuber

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