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By David Sterman
8:48 a.m. EDT Alpha's (ANR - Get Report) offer for Foundation Coal (FCL) values the deal at roughly 13.2 times projected 2010 Foundation profits. That's above the industry band, which ranges from Consol Energy (CNX) with a forward P/E of 10.5 to Massey Energy (MEE), which trades at 12 times next year's earnings. (Alpha had been trading at 13.1 times projected 2010 EPS, though that's likely to be trimmed a bit today). This group has moved up nicely, but the headline risk associated with carbon legislation could take a bite out of gains. No positions