Mitsubishi accepts Yancoal’s bid for Coal & Allied stake

ASX-listed Yancoal’s bid for Coal & Allied has received a boost with project partner Mitsubishi Development accepting the Chinese firm’s offer for its 32.4% interest in the Hunter Valley operations joint venture for $710-million. Diversified miner Glencore this week made a surprise $2.5-billion rival bid for mining major Rio Tinto’s Coal & Allied subsidiary, also offering Mitsubishi $920-million for its interest in the Hunter Valley operations, as well as its 28.898% interest in the Warkworth joint venture, subject to Rio accepting its offer for Coal & Allied.