SYDNEY: Rio Tinto said on Monday that Swiss commodities giant Glencore has upped its offer for the firm’s Australian coal assets, raising the stakes in a bidding war with China-backed Yancoal.
Rio, the world’s second-largest miner, said in January it was selling Coal & Allied to Yancoal Australia -- majority-controlled by China’s Yanzhou Coal -- for US$2.45 billion.
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