Deals
Natural Gas Giant EQT to Pursue Takeover Of CNX Resources
- EQT sent a bid for the rival, no final decision has been made
- Deal would be the latest in a series to reshape shale industry
Photographer: Ty Wright/Bloomberg
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EQT Corp., the biggest producer of U.S. natural gas, is seeking to acquire rival CNX Resources Corp., according to people familiar with the matter, as M&A accelerates in the distressed shale patch.
EQT recently sent a takeover proposal to CNX Resources, said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and EQT could opt to not proceed with a potential deal, they said.