FTC waives waiting period of Patriot Coal purchase of Magnum

ST. LOUIS. (AP) — Patriot Coal’s $709 million buyout of rival mine operator Magnum Coal has gotten an early green light from federal regulators.

Patriot announced Tuesday the Federal Trade Commission has granted the company early termination of a waiting period for the proposed deal. The acquisition, which still needs approval from Patriot shareholders, could close this summer.

Separately, Patriot says Magnum CEO Paul Vining will become president and chief operating officer of the merged company.

With the addition of Charleston-based Magnum, Patriot stands to gain 12 West Virginia mines and more than 600 million tons of low-sulfur reserves in the southern part of the state.

St. Louis-based Patriot operates mines in West Virginia and Kentucky.