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