Glencore gambit gives Rio cash-or-China dilemma
Last-minute bid for Australian coal mines has put Rio Tinto in a real quandary: accept less money or risk upsetting its biggest customer
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London
GLENCORE plc's last-minute bid for Australian coal mines leaves Rio Tinto Group with a dilemma to mull over the weekend: accept less money or risk upsetting its biggest customer.
On Friday afternoon in London, Glencore raised its bid for the mines, offering at least US$225 million more than a proposal from China's Yanzhou Coal Mining Co (Yancoal), which Rio has already backed. Glencore added new incentives, promising a hefty deposit and compensation for regulatory delays, and countered concerns about funding.
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