On 29 June, Rio Tinto’s shareholders met to give their final approval to the sale of the Australian Coal & Allied assets to Yancoal, a Chinese government… Read more “Australia’s fickle foreign investment regime could impact Yancoal acquisition”
Yancoal continues to be dogged by questions about its ability to fund the acquisition of Rio Tinto’s Hunter Coal & Allied assets, despite being confirmed as Rio’s… Read more “Can Yancoal raise finances outside China?”
The Australian Financial Review has reported that “Rio Tinto’s board will meet on Tuesday morning to consider Ivan Glasenberg’s $US3.47 billion ($4.56 billion) attempt to disrupt Yancoal… Read more “Rio Tinto board gathers to weigh up Glencore’s $US2.3b coal deal disruption”
Original published by Scott Murdoch in The Australian Glencore executives have made a direct pitch to Rio Tinto bosses in London to convince the board to back… Read more “Glencore chief lobbies Rio to back its rival bid for coal assets”
Chinese miner Yancoal’s ambitious bid for Rio Tinto coal assets in the Hunter Valley has suffered a major setback, following the surprise announcement of a rival offer… Read more “Yancoal mega-deal under threat as Rio Tinto weighs up ‘superior bid’ from Glencore “
Yancoal’s bid for Rio Tinto’s Coal & Allied assets has sparked concern about possible mining job losses in the Hunter Valley associated with a $600 million bid black hole.
The acquisition of Rio Tinto’s Coal & Allied assets by state-owned Chinese firm Yancoal has fallen under much scrutiny over the past few months – and now concerns have been raised about whether the Chinese government will allow the deal to go ahead.
Financial uncertainty at commodities trader Noble Group, Yancoal’s second largest shareholder, has raised fears that the Chinese coal miner’s deal with Rio Tinto may be unviable.
Chinese-state miner Yancoal’s funding problems just got worse, after it offered US$710 million for Mitsubishi’s stake in a coal mine in Australia’s Hunter Valley.
Shandong Tyan Home, which owns Minjar Gold, told investors via the Shanghai Stock Exchange that negotiations for the deal had to be abandoned due to new capital and acquisition rules in China.