No Change to FVEs with Glencore’s Alternate Proposal for Rio Tinto Coal Assets
Our fair value estimates for no-moat-rated Glencore and Rio Tinto are unchanged with Glencore’s proposal to acquire Rio Tinto’s interest in Coal and Allied. Glencore proposes to buy Rio Tinto’s 67.6% interest in the Hunter Valley Operations, 80% of Mount Thorley and 55.6% of Warkworth for USD 2.55 billion, USD 100 million more than Yancoal’s existing proposal. Glencore will also spend a further USD 920 million to acquire Mitsubishi’s 32.4% share of the Hunter Valley Operations and its 28.9% inte...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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