 "The logo of Glencore is pictured in front of the company's headquarters in the Swiss town of Baar")
Glencore’s Ivan Glasenberg is looking to trump China’s Yanzhou Coal Mining with a rival bid for Rio Tinto Group coal assets in Australia.
The company’s chief executive officer submitted a proposal to buy Rio’s Coal & Allied coal unit in New South Wales for $2.55 billion, the Baar, Switzerland-based producer and trader said Friday in a statement. If successful, the company would also seek to buy Mitsubishi’s stakes in two coal ventures for $920 million in the same area.
The moves threaten to squeeze out a rival bid by China’s Yanzhou’s Yancoal Australia unit, which in January offered $2.45 billion for Rio’s
