Peabody Energy board OKs Patriot Coal Corp spinoff

Peabody Energy Corp. (BTU) said Wednesday that its board approved a spinoff of coal assets and operations in West Virginia and Kentucky to shareholders.

The spinoff will be done through a special dividend of outstanding shares of Patriot Coal Corp., which would then be traded on the New York Stock Exchange under the ticker symbol "PCX."

Earlier Wednesday, Peabody Energy said it named Gregory Boyce chairman, in addition to his duties as president and chief executive.