London — Rio Tinto Group has backed an improved offer by China’s Yanzhou Coal Mining to sell its Australian coal mines, snubbing a last-minute bid from Glencore Plc. Shareholders should vote for the $2.45bn offer from Yancoal for its Coal & Allied unit in New South Wales, Australia, Rio said in statement on Tuesday, citing price, the likelihood of regulatory approval and funding certainty. Glencore CEO Ivan Glasenberg submitted a $2.55bn proposal to buy the mines on June 9. This topped an earlier offer from Yancoal that included an initial $1.95bn cash payment and $500m in annual installments of $100m following completion. Yancoal responded by offering improved terms of a single $2.45bn payment.
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