June 23 (Reuters) - Glencore Plc GLEN.L :
- Glencore increases offer for Coal & Allied
- Says Glencore increases fully funded offer for Coal & Allied
- Has submitted an improved irrevocable binding offer to acquire Rio Tinto's 100% interest in Coal & Allied Industries for US$2.675 billion cash plus a coal price linked royalty
- Says offer has been designed to address points raised in Rio Tinto's announcement dated 20 June 2017
- Glencore offer is fully funded and subject only to a limited number of regulatory approvals
- Glencore offer remains conditional only on approval from China, Korea, Taiwan and Australia
- Glencore believes that there is no legal basis to consider that such approvals will not be obtained
- All cash is payable in full immediately upon completion
- Rio Tinto must provide yancoal with opportunity to present a counter offer
- If offer successful, Glenore intends to mitigate its overall financial commitment via a sale / monetisation of assets of no less than US$1.5 billion
- Offer will automatically lapse if it is not declared by Rio Tinto to be a superior proposal by 6pm (BST) on 26 June 2017
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