Rio Tinto, Mitsubishi Offer A$122 Per Share For Coal & Allied
August 07 2011 - 7:24PM
Dow Jones News
Rio Tinto PLC (RIO) and Mitsubishi Corp. (8058.TO) will pay 122
Australian dollars (US$126) per share to buy out minorities in
Australian coal miner Coal & Allied Industries Ltd. (CNA.AU),
in an indicative deal that values the company at A$10.6 billion,
the target said Monday.
The two companies, which hold respectively 75.7% and 10.2% of
the miner operating in the Hunter Valley of New South Wales state,
would end up with stakes of 80% and 20% respectively after the
offer, they said.
Perpetual Ltd. (PPT.AU) is the only other major shareholder,
with 6.3% of the stock. Coal & Allied said it received the
"incomplete, non-binding, condition and indicative proposal" from
Rio on Saturday 6 August.
"CNA gives no assurances that the indicative proposal will lead
to a takeover offer being made," the company said.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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