Peabody Energy, the largest private-sector coal company in the world, and Arch Coal, an American coal mining and processing company, agreed to form a joint venture. It will be 66.5% owned by Peabody and 33.5% owned by Arch. Peabody believes the joint venture allows to offer enhanced products and security of supply for customers, increased value for shareholders, greater efficiencies with for railroads, long-term opportunities for employees and strength for the communities in which we operate. "The Peabody/Arch joint venture is an extraordinary example of industrial logic targeted to strengthen the competitive position of our products and create significant value for multiple stakeholders in a low-cost combination with exceptional physical synergies. The transaction unites two strong, culturally aligned workforces with a commitment to core values such as safety and sustainability. We believe this joint venture allows us to offer enhanced products and security of supply for customers, increased value for shareholders, greater efficiencies for railroads, long-term opportunities for employees and strength for the communities in which we operate," Glenn Kellow, Peabody President and Chief Executive Officer.