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A test of M&A nerve: Rio Tinto coal assets elude Glencore

A test of M&A nerve: Rio Tinto coal assets elude Glencore

Rio Tinto (RIO) is to sell its Australian thermal coal assets to Yancoal (AU:YAL), after the Chinese-backed outfit won a last-minute bidding war with Glencore (GLEN). Rio recommended that shareholders approve Yancoal's improved offer of $2.69bn (£2.1bn) for its Coal & Allied (C&A) subsidiary, in a deal that comprises $2.45bn in cash and a further $240m in guaranteed royalty payments before the end of 2018.

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