The Japanese trading house Mitsubishi Corp. (8058.TO) said Monday its Sydney-based unit, along with and Rio Tinto PLC (RIO), received approval from the shareholders of Coal & Allied Industries Ltd. (CNA.AU) to go ahead with the joint purchase of shares they don't currently own in the Australian coal producer.

Pending approval from a local court, shareholders of Coal & Allied will receive A$125 per share. The payments are scheduled for Dec. 16.

Rio currently owns 75.7% of Coal & Allied, and Mitsubishi 10.2%. When the offer was made in August, it valued Coal & Allied at A$10.8 billion.

-By Tokyo Bureau, Dow Jones Newswires; 813-6269-2770;

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