TECO, Cambrian slash price of coal unit sale

摘要

ECO Energy has agreed to lower the price of the thermal and coking coal mining assets it is selling to Cambrian Coal by up to $30mn as a result of weakening coal markets. TECO agreed in October to sell its coal business to Cambrian for up to $170mn. The deal included $120mn cash, plus future contingent consideration of $50mn if certain coal benchmark prices reach prescribed levels over the next five years.