This may give how long this process will take, Glencore and Yal...

This may give how long this process will take, Glencore and Yal went head/head last time for Rio and Yal won, so its going to be interesting this time around

Details of the Acquisition

1. The Bid:

   • In June 2017, Yancoal Australia, a subsidiary of Yanzhou Coal Mining Company (China's largest coal producer), submitted a bid to acquire Rio Tinto's coal assets in Australia. These assets included the Hunter Valley Operations, Mount Thorley Warkworth mines, and a 67.6% stake in the Hail Creek mine.
   • The initial bid by Yancoal was approximately USD 2.45 billion, which included a cash payment and future royalties.

2. Competitive Process:

   • The acquisition process became competitive when Glencore, another major mining company, entered the fray with a competing offer. Glencore offered USD 2.55 billion, slightly higher than Yancoal's initial bid.
   • Yancoal responded by increasing its bid to USD 2.69 billion in an attempt to outbid Glencore and secure the assets.

3. Approval and Completion:

   • Rio Tinto's board favored Yancoal's revised bid, considering factors beyond just the monetary offer, such as regulatory approvals and certainty of completion.
   • The acquisition was subject to approvals from various stakeholders, including Rio Tinto shareholders and relevant regulatory bodies in Australia and China.

4. Completion of the Deal:

   • The acquisition was finalized in September 2017, with Yancoal successfully purchasing the coal assets from Rio Tinto. This marked the culmination of a competitive bidding process and several months of negotiations and approvals.

Timeline from Bid to Acquisition

• Initial Bid: June 2017
• Revised Bid and Competitive Bidding: June to July 2017
• Approval Process: July to August 2017
• Completion of Acquisition: September 2017

The entire process from Yancoal's initial bid to the final acquisition took approximately three to four months. This relatively swift timeline was due to the competitive nature of the bidding and the strategic importance of the assets involved