Rio Tinto, Mitsubishi Lift Bid For Australian Coal Company
26 August 2011 - 3:15PM
Dow Jones News
Australian coal producer Coal & Allied Industries Ltd.
(CNA.AU) said Friday majority owner Rio Tinto PLC (RIO) and partner
Mitsubishi Corp. (8058.TO) have increased their joint offer for the
outstanding shares they don't currently hold.
Rio and Mitsubishi are offering A$125 a share, an increase of
A$3 on the indicative price offered early this month, to value Coal
& Allied at A$10.8 billion.
Coal & Allied said a committee put together to review the
offer is recommending the bid, subject to an independent expert
report and no superior offer.
Rio currently owns 75.7% of Coal & Allied, and Mitsubishi
10.2%.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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