Rio Tinto, Mitsubishi to Acquire Coal & Allied

9 August 2011 (Last Updated August 9th, 2011 18:30)

Mitsubishi's subsidiary Mitsubishi Development and Rio Tinto have proposed to acquire all the remaining shares in Coal & Allied Industries for A$1.49bn ($1.55bn). Coal & Allied's largest institutional shareholder Perpetual has supported the sale, which is still subject to regulatory app

Mitsubishi's subsidiary Mitsubishi Development and Rio Tinto have proposed to acquire all the remaining shares in Coal & Allied Industries for A$1.49bn ($1.55bn).

Coal & Allied's largest institutional shareholder Perpetual has supported the sale, which is still subject to regulatory approvals.

Mitsubishi Development currently holds 10.20% shares of Coal & Allied shares, whereas Rio Tinto holds 75.71% shares through a wholly owned subsidiary.

With the acquisition of Coal & Allied, Rio Tinto and Mitsubishi are expected to have full control of three coal mines in the Hunter Valley, Australia.