Rio Tinto Recommends Yancoal Offer For Coal & Allied

(RTTNews) - Rio Tinto Plc (RIO.L, RIO, RTNTF.PK) said that its board has now considered the latest offers received from Glencore and Yancoal in recent days.

Rio Tinto board has recommended its shareholders to vote in favour of the sale of Coal & Allied Industries Limited to Yancoal Australia Limited based on greater transaction certainty and a higher net present value.

Rio Tinto said its board has concluded that Yancoal's revised offer for a total consideration of US$2.69 billion offers greater transaction certainty and better value for Rio Tinto shareholders.

"As such we continue to consider that the proposed transaction with Yancoal is fair and reasonable," Jan du Plessis, Rio Tinto chairman said.