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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rio Tinto Plc | LSE:RIO | London | Ordinary Share | GB0007188757 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 124.00 | 2.27% | 5,591.00 | 5,590.00 | 5,592.00 | 5,605.00 | 5,554.00 | 5,556.00 | 4,626,822 | 16:29:59 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 54.86B | 10.06B | 6.1815 | 9.04 | 90.97B |
From May 2019 to May 2024
By Razak Musah Baba
LONDON--Rio Tinto PLC (RIO.LN) on Tuesday reconfirmed its recommendation that shareholders vote in favor of the sale of its Coal & Allied Industries Ltd. subsidiary to Yancoal Australia Ltd.
Rio Tinto said the recommendation follows consideration by the board of a counter $2.5 billion proposal from fellow miner Glencore PLC (GLEN.LN) and an improved proposal from Yancoal.
"We believe Yancoal's offer to purchase our thermal coal assets for $2.45 billion offers the best value and greater transaction certainty for shareholders," Rio Tinto's Chief Executive Jean-Sebastien Jacques said.
Mr. Jacques said Yancoal's revised offer is the most attractive because it removes a deferred payment structure, can meet the timeline set for the transaction, and has given the company certainty regarding the outstanding regulatory approvals required.
Under U.K. and ASX listing Rules, the transaction with Yancoal requires the approval of Rio Tinto shareholders. Rio Tinto PLC has called a general meeting for June 27 and Rio Tinto Ltd. for June 29.
The transaction is expected to be completed in the third quarter of 2017.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet
(END) Dow Jones Newswires
June 20, 2017 05:54 ET (09:54 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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