SYDNEY, Aug 2 (Reuters) - Yancoal Australia Ltd (YAL) said on Wednesday it will look to raise $2.5 billion from investors to acquire the Coal & Allied division of Rio Tinto (RIO)
. Yancoal won a bidding war against commodities giant Glencore PLC
by agreeing on a price of $2.69 billion for Coal & Allied. It subsequently announced a deal to sell on a major component of the business to Glencore. The miner will conduct a rights offer priced at $0.10 per new share. Yancoal shares closed 40 percent lower at A$0.25.
The deal could give Yancoal, majority-owned by Chinese coal giant Yanzhou Coal Mining Co Ltd <600188.SS>, majority interests in three of the 10 largest thermal coal collieries in Australia.
Yanzhou will subscribe to $1 billion worth of the rights offer, while Glencore will account for $300 million, according to Yancoal.
Glencore is also buying 16.6 percent of a Coal & Allied Hunter Valley Operations mine from Yancoal and 32.4 percent from Mitsubishi Corp <8058.T>.
Glencore coal chief Peter Freyberg told reporters on Wednesday he was confident Yancoal would raise the funds needed to complete the deal.
SYDNEY, Aug 2 (Reuters) - Yancoal Australia Ltd (YAL) said on...
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Last
$116.95 |
Change
-0.540(0.46%) |
Mkt cap ! $43.48B | |||
| Open | High | Low | Value | Volume |
| $117.30 | $117.36 | $116.63 | $19.70M | 168.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 163 | $116.91 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $116.96 | 293 | 7 |
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| Last trade - 11.00am 17/09/2025 (20 minute delay) ? |
| RIO (ASX) Chart |