June 20, 2017 / 9:36 AM / 7 months ago

Rio Tinto confirms earlier recommendation of Yancoal offer for coal group

SYDNEY, June 20 (Reuters) - Rio Tinto on Tuesday reconfirmed its earlier recommendation of Yancoal Australia as the preferred buyer of its Coal & Allied division.

“The Rio Tinto board has reconfirmed its recommendation that shareholders vote in favour of the sale of its wholly-owned subsidiary Coal & Allied Industries Ltd to Yancoal Australia Ltd,” Rio Tinto said.

The recommendation follows consideration by the board of a counter proposal from commodities group Glencore and a proposal from Yancoal comprising improved terms to its previously announced transaction, according to Rio Tinto. (Reporting by James Regan; Editing by Christian Schmollinger)

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