Rio Tinto and China-owned Yancoal moving closer to finalizing .5 billion deal

Updated 2017-04-25 11:31:11 CGTN

Rio Tinto Plc agreed to sell its Australian unit, Coal & Allied Industries Ltd to China-owned Yancoal Australia Ltd. for nearly 2.5 billion US dollars on January 24, and the takeover process is moving towards an end.

According to CGTN's Greg Navarro, the government's Foreign Investment Review Board has allowed Rio Tinto to sell off most of its thermal coal assets in Australia. For Rio, the sale allows the company to continue its plan of consolidating assets to better balance its books.

Yancoal says the deal will create significant value for its stake holders and make the company the largest pure-play coal producer in Australia, and analysts say it will also help Yancoal to meet the rising demand back home.

A spokesman for Yancoal said the deal still needs approval from shareholders from both companies, and the whole process is expected to be complete later this year.

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