Tuesday, 04 Oct 2011
MarketWatch quoted Australian coal producer Coal & Allied Industries Ltd said an offer from Rio Tinto PLC RIO -5.02% and partner Mitsubishi Corp to buy outstanding shares they don't currently hold in the company has met with approval conditions set by the Foreign Investment Review Board or FIRB.
Rio and Mitsubishi are offering 125 Australian dollars a share an increase of AUD 3 on the indicative price offered early in August to value Coal & Allied at AUD 10.8 billion.
Coal & Allied said it will lodge a draft for regulatory review with the Australian Securities & Investments Commission in the week starting Monday October 3 and aims to host a meeting of shareholders on November 28.
Rio currently owns 75.7% of Coal & Allied and Mitsubishi 10.2%.
(sourced MarketWatch)
MarketWatch quoted Australian coal producer Coal & Allied Industries Ltd said an offer from Rio Tinto PLC RIO -5.02% and partner Mitsubishi Corp to buy outstanding shares they don't currently hold in the company has met with approval conditions set by the Foreign Investment Review Board or FIRB.
Rio and Mitsubishi are offering 125 Australian dollars a share an increase of AUD 3 on the indicative price offered early in August to value Coal & Allied at AUD 10.8 billion.
Coal & Allied said it will lodge a draft for regulatory review with the Australian Securities & Investments Commission in the week starting Monday October 3 and aims to host a meeting of shareholders on November 28.
Rio currently owns 75.7% of Coal & Allied and Mitsubishi 10.2%.
(sourced MarketWatch)
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