June 26, 2017 / 9:30 AM / 5 months ago

BRIEF-Rio Tinto confirms Yancoal as preferred buyer for coal assets

June 26 (Reuters) - Rio Tinto Plc:

* Confirms Yancoal as preferred buyer of its thermal coal assets in Australia given high level of completion certainty and a further improved offer of $2.69 billion

* “Revised offer from Yancoal of $2.69 billion offers compelling value to our shareholders for our Australian thermal coal assets”- Rio Tinto CEO

* Yancoal’s most recent offer includes increased break fee amount provided by Yancoal’s parent company, Yankuang, from $100 million to $225 million

* “Believe it is in best interests of our shareholders to take greater certainty of Yancoal’s strong proposal”- Rio Tinto CEO

* Board considered both of latest offers; recommending Yancoal’s improved offer to shareholders Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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