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BRIEF-Glencore increases offer for Coal & Allied
June 23, 2017 / 1:38 PM / a month ago

BRIEF-Glencore increases offer for Coal & Allied

2 Min Read

June 23 (Reuters) - Glencore Plc:

* Glencore increases offer for Coal & Allied

* Says Glencore increases fully funded offer for Coal & Allied

* Has submitted an improved irrevocable binding offer to acquire Rio Tinto's 100% interest in Coal & Allied Industries for US$2.675 billion cash plus a coal price linked royalty

* Says offer has been designed to address points raised in Rio Tinto's announcement dated 20 June 2017

* Glencore offer is fully funded and subject only to a limited number of regulatory approvals

* Glencore offer remains conditional only on approval from China, Korea, Taiwan and Australia

* Glencore believes that there is no legal basis to consider that such approvals will not be obtained

* All cash is payable in full immediately upon completion

* Rio Tinto must provide yancoal with opportunity to present a counter offer

* If offer successful, Glenore intends to mitigate its overall financial commitment via a sale / monetisation of assets of no less than US$1.5 billion

* Offer will automatically lapse if it is not declared by Rio Tinto to be a superior proposal by 6pm (BST) on 26 June 2017 Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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