Glencore Raises Offer for Rio Tinto's Australian Coal Assets

By Tapan Panchal Features Dow Jones Newswires

Glencore PLC said Friday it has submitted a sweetened all-cash offer of $2.68 billion for Rio Tinto PLC's Australian coal assets, days after its previous bid was rebuffed.

Continue Reading Below

The mining-and-commodities trading giant said its offer for Coal & Allied Industries Ltd. is fully funded and is at least $225 million greater than an offer made by Yancoal Australia Ltd.

Rio Tinto on Tuesday rebuffed Glencore's previous $2.5 billion offer and recommended that shareholders approve Yancoal's $2.45 billion bid, in part because it expects to complete the deal faster than one with Glencore.

Shares of Glencore were down 0.8% in Friday afternoon trading.

Write to Tapan Panchal at Tapan.Panchal@wsj.com

(END) Dow Jones Newswires

Continue Reading Below

June 23, 2017 10:07 ET (14:07 GMT)