FIRB clears Yancoal/Rio deal

The Australian Foreign Investment Review Board (FIRB) has approved ASX-listed Yancoal’s $2.45-billion acquisition of Rio Tinto subsidiary Coal & Allied. The two companies in January struck a deal that will allow for an initial $1.95-billion cash payment upon the completion of the transaction in the second half of 2017, followed by $500-million in deferred cash payments to be settled in five yearly installments of $100-million.