Wednesday, 17 Aug 2011
Australian coal producer Coal & Allied Industries Ltd said that it has formed a committee of directors to review a proposed bid from majority owner Rio Tinto PLC and partner Mitsubishi Corp but has no recommendation for its shareholders at this stage.
Rio earlier this month said it and Mitsubishi had made a non binding bid at A$122 a share for all outstanding shares in Coal & Allied, which if successful would lift the companies' stakes to 80% and 20% respectively from 75.7% and 10.2% currently.
Coal & Allied in a statement said that "We will be carefully considering the indicative proposal and at this stage have not formed any views, including whether a shareholder meeting will be convened, or more generally.”
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