Ashland Inc. Advises It Will Not Publicly Offer Arch Coal Shares
St. Louis, MO - August 11, 1998 - Ashland Inc. has advised Arch Coal, Inc. (NYSE:ACI) that due to market conditions Ashland Inc. will not offer up to 2.1 million shares of its Arch Coal, Inc. Common Stock in an underwritten public offering. Arch Coal and Ashland earlier announced that Ashland had exercised its demand registration rights under an April 4, 1997, registration rights agreement to register the Arch Coal Common Stock, the sale of which would have reduced Ashland's ownership interest in Arch Coal from 55% to less than 50%.
Arch Coal is the nation's second largest coal producer with subsidiary operations in West Virginia, Kentucky, Virginia, Illinois, Wyoming, Colorado and Utah. Through these operations, Arch Coal provides the fuel for approximately 6% of the U.S. electric power generation.