Stock Groups

Glencore to reject offer for Yancoal Australia stake as too low

by Mike Robinson

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© Reuters. FILE PHOTO: The brand of commodities dealer Glencore is pictured in entrance of the corporate’s headquarters within the Swiss city of Baar November 20, 2012. REUTERS/Arnd Wiegmann/File Photograph/File Photograph

By Praveen Menon and Clara Denina

SYDNEY/LONDON (Reuters) – Glencore (OTC:) is prone to reject a $3.60 a share provide by coal producer Yancoal Australia Ltd’s Chinese language mother or father to purchase its minority stake within the miner as too low, two sources with data of the matter stated.

Yankuang Power Group made a proposal final week to amass the 37.7% stake of Yancoal it does not already personal at a reduction to the present market worth, valuing it at $1.8 billion.

Yancoal didn’t reply to a request for remark and Yankuang couldn’t be instantly reached for a remark. Glencore didn’t touch upon the matter.

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