News: YAL UPDATE 1-Glencore sells Yancoal Australia stake in $A422 mln block trade -sources

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Glencore GLEN.L has sold its stake in Yancoal Australia (YAL) in a block trade worth A$422 million ($293 million), according to two sources with direct knowledge of the matter.

The deal involved 84.5 million shares sold at A$5 each, added the sources, who could not be named as the information had not yet been made public.

Glencore and Yancoal Australia did not immediately respond to a request for comment.

The block trade price was a 12.1% discount to Yancoal's closing price on Wednesday of $A5.69 each.

Glencore's stake was 6.4% of Yancoal's total share capital. The deal was fully subscribed soon after the books opened, one of the sources said.

The sale comes almost a month after Glencore and other Yancoal shareholders rejected an offer by China's Yankuang Energy 600188.SS , 1171.HK to buy the remaining 37.7% of shares in Yancoal that it did not own at a discount, for $1.8 billion.

Glencore has said it would be willing to sell its stake in Yancoal at the right price.

Yancoal owns coal mines in New South Wales, Queensland and Western Australia, and counts China Cinda Asset Management 1359.HK among its top minority shareholders.

($1 = 1.4393 Australian dollars)