Australia's Coal & Allied Says Rio Deal Meets FIRB Conditions
October 02 2011 - 6:48PM
Dow Jones News
Australian coal producer Coal & Allied Industries Ltd.
(CNA.AU) said Monday that an offer from Rio Tinto PLC (RIO) and
partner Mitsubishi Corp. (8058.TO) 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 (US$121)
a share, an increase of A$3 on the indicative price offered early
in August, to value Coal & Allied at A$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 Oct. 3 and aims to host a meeting of
shareholders on Nov. 28.
Rio currently owns 75.7% of Coal & Allied, and Mitsubishi
10.2%.
-By Sydney Bureau, Dow Jones Newswires; 61-2-8272-4681;
djnews.sydney@dowjones.com
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