Glencore Ups Ante With Revised Bid for Coal and Allied; Rio Tinto Shareholders Should Approve
We maintain our fair value estimates for no-moat-rated Glencore and Rio Tinto with Glencore’s improved offer for Rio Tinto’s Coal and Allied. Glencore has upped its offer for Rio Tinto’s assets to USD 2.675 billion plus a coal-linked royalty, up from USD 2.55 billion previously. The full amount is now payable on completion, while the previous offer included a deferred component. Rio Tinto will decide prior to the planned shareholder meeting (set for June 27) whether the proposal is superior to Y...Rio Tinto is a mining group based in the United Kingdom and Australia. Co. is engaged in the business of finding, mining and processing mineral resources. Co.'s major products are iron ore, aluminium, copper, diamonds, coal, uranium, gold and industrial minerals (borax, titanium dioxide and salt). Co.'s activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and Africa. Co.'s operations comprise four principal product groups - Iron Ore, Aluminium, Copper and Diamonds, and Energy & Minerals.
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