Rio Tinto: Yancoal confirmed as 'preferred buyer'
(CercleFinance.com) - Rio Tinto confirmed Yancoal as the preferred buyer for its thermal coal assets in Australia after the Chinese company increased its offer of 2.
69 billion dollars.
Rio Tinto explains it is in the best interests of its shareholders to take the accept Yancoal's proposal after a sale process that has been dragging on.
The deal is expected to be completed during the third quarter of 2017, while any transaction with rival Glencore would not have been completed before the first half of 2018 at the earliest, the mining group said.
The transaction is based on a cash consideration of 2.45 billion dollars and a new guaranteed, royalty arrangement totalling 240 million dollars.
As a reminder, China's Yanzhou is Yancoal's majority shareholder.
Rio Tinto also said today that Ann Godbehere has been appointed as senior independent director on the board, in which role she will lead the process underway to appoint a new chairman to succeed Jan du Plessis.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
69 billion dollars.
Rio Tinto explains it is in the best interests of its shareholders to take the accept Yancoal's proposal after a sale process that has been dragging on.
The deal is expected to be completed during the third quarter of 2017, while any transaction with rival Glencore would not have been completed before the first half of 2018 at the earliest, the mining group said.
The transaction is based on a cash consideration of 2.45 billion dollars and a new guaranteed, royalty arrangement totalling 240 million dollars.
As a reminder, China's Yanzhou is Yancoal's majority shareholder.
Rio Tinto also said today that Ann Godbehere has been appointed as senior independent director on the board, in which role she will lead the process underway to appoint a new chairman to succeed Jan du Plessis.
Copyright (c) 2017 CercleFinance.com. All rights reserved.