08 AUGUST 2011alu
Rio Tinto, Mitsubishi Corp. Offer $1.55 Billion for Rest of Coal & Allied
Edited by : AL CIRCLE
1 min read
Rio Tinto Group, the world’s second- biggest mining company, and Mitsubishi Corp. (8058) offered A$1.49 billion ($1.55 billion) for the shares in Coal & Allied Industries Ltd. (CNA) they don’t own to take the coal miner private.
Rio and Mitsubishi, which own stakes of 75.7 percent and 10.2 percent respectively, made an initial offer of A$122 a share, 34 percent more than the Brisbane-based company’s closing price of A$91, Coal & Allied said today in a statement. The bid values Coal & Allied at A$10.6 billion, the company said.
Rio and Mitsubishi, which own stakes of 75.7 percent and 10.2 percent respectively, made an initial offer of A$122 a share, 34 percent more than the Brisbane-based company’s closing price of A$91, Coal & Allied said today in a statement. The bid values Coal & Allied at A$10.6 billion, the company said.
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