Bidding war breaks out for Australian coal business
June 27, 2017
Coal Mining | Brisbane, Australia | Corporate Acquisition
Yancoal Australia has upped its offer for Coal & Allied Industries from $2.45 billion to $2.69 billion, two days after Switzerland-based Glencore submitted a revised bid of $2.675 billion for the Australian subsidiary of Rio Tinto. Yancoal had entered a previous agreement to purchase the business in January. The Rio Tinto board has confirmed its recommendation of Yancoal's revised offer, which includes $240 million in royalty payments on top of the initial $2.45 billion bid.