June 26, 2017 / 9:36 AM / 2 months ago

Rio Tinto confirms China-backed Yancoal as preferred buyer for coal assets

SYDNEY, June 26 (Reuters) - Rio Tinto on Monday confirmed Yancoal Australia as the preferred buyer for its Australian Coal & Allied unit after the China-backed company lifted its offer to $2.69 billion to top a rival bid from Glencore.

"The revised offer from Yancoal of $2.69 billion offers compelling value to our shareholders for our Australian thermal coal assets," Rio Tinto Chief Executive Jean-Sebastien Jacques said in a statement.

Glencore on Friday had raised its offer to $2.675 billion in cash, looking to displace Yancoal's earlier offer of $2.45 billion.

Reporting by James Regan; Editing by Tom Hogue

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