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