The battle for Rio Tinto’s Australian coal assets took another twist on Monday, as the Anglo-Australian miner backed an increased bid from Yancoal, after the Chinese state-backed group upped its offer a day before shareholders are due to vote on the transaction.
Yancoal increased its bid to include $240m of royalty payments on top of $2.45bn in cash just days after Glencore, the Switzerland-based miner and commodity trader,
increased its own offer for the coal assets to $2.675bn, saying it would pay the entire amount upfront.
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