ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Business deals

Rio Tinto taps Yancoal for Australian coal assets over Glencore

Chinese miner beat Swiss trader's last-minute bid by restructuring payments

SYDNEY -- Australian-British mining multinational Rio Tinto has decided to sell its steam coal-producing subsidiary Coal & Allied to China's Yancoal Australia, the company announced Tuesday, turning down a last-minute bid from Swiss commodity trader Glencore.

The sale price will total $2.45 billion. Two shareholders meetings will be held in London and Sydney, where approval is expected.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more