Commodities trader and mining giant Glencore PLC (LON:GLEN) has hiked its offer to buy Rio Tinto PLC's (LON:RIO) Australian coal business, despite the fellow blue chip firm having agreed a deal to sell it to China-backed Yancoal earlier this week.
Glencore Plc - GLN - Director Declaration. GLN 201706230024A GLN - Director Declaration. Glencore plc (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN
Rio Tinto has snubbed a counter bid for its Australian coal assets from rival Glencore, sticking with a lower offer from a state-backed Chinese miner that it said offered better value and certainty for shareholders.
Glencore's Ivan Glasenberg has gatecrashed a planned Chinese takeover of Rio Tinto's Australian coal business, tabling a $2.55bn counter bid that pitches the billionaire chief executive into a new takeover fight.
China's Yanzhou Coal Mining Co. is holding fire on a counteroffer for Rio Tinto Group's Australian coal assets as it waits to hear if Glencore Plc has succeeded in trumping the deal it struck six months ago. Glencore Chief Executive Officer Ivan ...