Diversified miner Glencore has made a surprise $2.5-billion bid for miner Rio Tinto’s 100% interest in its Coal & Allied subsidiary, rivaling a bid from ASX-listed Yancoal which launched a $2.45-billion offer in January.
Glencore’s offer consisted of $2.05-billion in cash and $500-million in aggregate deferred cash payments, which will be payable as yearly installments of $100-million over five years, following the completion of the transaction.
