Glencore moves to trump Chinese rival for Rio's Aussie coal assets

Toronto

GLENCORE plc's Ivan Glasenberg is looking to trump China's Yanzhou Coal Mining Co with a rival bid for Rio Tinto Group's coal assets in Australia.

The company's chief executive officer submitted a proposal to buy Rio's Coal & Allied coal unit in New South Wales for US$2.55 billion, the Baar, Switzerland-based producer and trader said on Friday in a statement. If successful, the company would also seek to buy Mitsubishi Corp's stakes in two coal ventures for US$920 million in the same area.