Diversified miner Rio Tinto on Tuesday urged its shareholders to vote in favour of the sale of its wholly-owned subsidiary Coal & Allied Industries (C&A) to Yancoal Australia, as opposed to electing the counter proposal from Glencore. In January, Rio Tinto reached a binding agreement for the sale of Australian subsidiary C&A to Yancoal for an initial $1.95-billion cash payment and $500-million in aggregate deferred cash payments, payable over five years.
