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.
To continue reading, register today
to enjoy limited access to the following:
- Daily trading news
- Funds coverage
- Features on big investment themes
- Comprehensive companies coverage
- Economic analysis