Deals
Rio Backs Yancoal's Improved Coal Mines Bid
- Glencore, Yancoal in a bidding war for Australian coal mines
- Yancoal boosted offer on Monday, adding royalty payments
Tough Choice Ahead for Rio Tinto on Coal Sale
This article is for subscribers only.
Rio Tinto Group told shareholders to back Yancoal Australia Ltd. as the buyer of its Australian coal mines after the China-backed company added extra incentives to fend off a last-minute challenge by Glencore Plc.
Yancoal offered $240 million in royalty payments and an increased break fee to its previous $2.45 billion cash offer for the Hunter Valley coal mines, according to a statement from Rio on Monday. The new offer is more attractive than Glencore’s bid because there’s a better chance of speedy completion, Rio said.