Rio Tinto shareholders approve sale of Coal & Allied to Yancoal

The Rio Tinto shareholder approval satisfies a condition precedent to completion of the CNA Transaction and means that Rio Tinto can no longer consider competing proposals for Coal & Allied. Yancoal will now seek to complete the CNA Transaction as soon as possible and within the third quarter of 2017. Yancoal Chairman, Xiyong Li, said: “This is a very positive result for our business and we are pleased that the Rio Tinto shareholders have now endorsed our compelling transaction for the tier one Coal & Allied assets. Rio’s support for the acquisition signals the next stage in our strategic growth.”

Yancoal Chief Executive Officer, Reinhold Schmidt, said, “This is a transformative acquisition for Yancoal as we become the largest pure-play coal producer in Australia and a positive sign for continued investment into the local resources sector.”

Read the article online at: https://www.worldcoal.com/mining/29062017/rio-tinto-shareholders-approve-sale-of-coal-allied-to-yancoal/