June 9, 2017 / 5:57 PM / a month ago

Glencore to buy Rio Tinto's stake in Coal & Allied for $2.55 bln

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June 9 (Reuters) - Miner and trader Glencore Plc said on Friday it had submitted a proposal to buy Australian miner Rio Tinto's stake in Coal & Allied Industries Ltd for $2.55 billion in cash.

Glencore said the deal would be funded from existing cash resources and would be paid in two stages. (bit.ly/2t3dZYV)

Glencore also said that it plans a possible sale of up to 50 percent of its interest in Coal & Allied Industries. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Shounak Dasgupta)

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