Rio Tinto PLC (RIO.L)
23 Jun 2017
Miner and trader Glencore on Friday hit back with an increased offer of $2.675 billion in cash to buy Australian coal assets from Rio Tinto that earlier this week said it was favoring a Chinese bid.
* Rio no immediate comment (Adds Rio statement, updates share price)
* Acknowledges it received revised proposal from Glencore to buy Coal & Allied Industries Limited
June 23 Miner and trader Glencore Plc said on Friday it had submitted an improved proposal to buy Australian miner Rio Tinto's, stake in Coal & Allied Industries Ltd for $2.675 billion in cash plus a coal price-linked royalty.
* Says Glencore increases fully funded offer for Coal & Allied
Rio Tinto said on Friday it has completed a planned bond buyback, reducing gross debt by $2.5 billion, with the early redemption costs likely to reduce first-half underlying profit by about $180 million.
HONG KONG (Reuters Breakingviews) - Rio Tinto prefers Chinese money today to Swiss cash tomorrow. Late on Tuesday, the Anglo-Australian miner's board opted for an upgraded $2.45 billion bid from Yancoal, instead of taking $100 million more from Glencore. Concerns about Chinese regulators must have played a role. The Swiss trader might need to come up with lots more money to stay in the game.
SYDNEY/LONDON Rio Tinto selected Yancoal on Tuesday to buy its Coal & Allied division in Australia for $2.45 billion, surprising commodities trading giant Glencore, which had put in a higher bid.
* Shareholders to vote later this month (Adds detail of termination fee, updates share prices)
ULAANBAATAR, June 20 Anglo-Australian miner Rio Tinto has started new exploration work in Mongolia's Gobi desert after a gap of around five years, in a sign that Mongolia is having some success at bringing back foreign investors.