The Foreign Investment Review Board has approved Yancoal Australia Ltd’s (ASX:YAL) US$2.45 billion bid to acquire Rio Tinto’s Coal & Allied division.
Coal & Allied owns a stake in the Hunter Valley Operations mine and the Mount Thorley Warkworth mines.
Yancoal expects the transaction to complete in the third quarter of 2017.
However, this deal remains subject to additional closing conditions. For example, shareholder approval from Rio Tinto in Australia and the UK, and shareholder approval from Yancoal’s majority shareholder, the Yanzhou Coal Mining Company
This morning, Yancoal shares opened steady at 34.5 cents.
