Coal Miner Arch Resources Is Said in Talks to Merge With Consol

Arch Resources Inc. is nearing an agreement to merge with Consol Energy Inc. in a combination that would create a $5 billion coal mining company, according to people familiar with the matter.

An agreement could be announced as soon as this week, said the people, who asked not to be identified because the discussions are private. A deal hasn’t been finalized and talks could still fall apart, they added.

St. Louis-based Arch Resources produces metallurgical and thermal coal. It has a market value of $2.29 billion after its shares have sunk 24% this year. Consol Energy, based In Canonsburg, Pennsylvania, ...