Walter Energy Shares Surge on Takeover Rumor

Shares of Walter Energy

surged higher on a report from Australian radio that Xstrata (XSRAF) was considering a bid of $47 per share for the Birmingham, AL coal producer. A spokesperson for Walter Energy told Benzinga he was not aware of the offer and had no news to report. A spokesperson for Xstrata later denied the company had an interest in acquiring Walter Energy.