Glencore to pitch to Rio board for Australian coal unit – sources

Glencore will pitch its $2.55-billion bid for Rio Tinto's Australian Coal & Allied unit directly to Rio Tinto's board in Canada on Thursday, two sources familiar with the matter told Reuters. The meeting, headed by Glencore's Australian Chief Executive Peter Freyberg, comes five days after Glencore outbid Chinese-owned Yancoal for Coal & Allied Industries Ltd, which operates thermal coal mines in Australia's Hunter Valley.