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London — Glencore’s years-long pursuit for a bigger Australian coal business was delivered another setback late on Monday after Rio Tinto Group passed on the company’s offer for a second time.
Now the mining giant run by a former coal trader is running out of time to come back with a better offer or lose out on a deal the company has chased since at least 2013. The mines are situated near Glencore’s own operations in the Hunter Valley, and the ability to work them together makes them an attractive prize.
"They wanted these assets for a long time," said Paul Gait, an analyst at Sanford C Bernstein in London. "Never say never, but they will be disappointed if they ultimately go to Yancoal."
Rio stuck with Yancoal Australia for the operations in New South Wales because of the likelihood of a speedier completion, despite two last-minute bids from Glencore. Rio shareholders will meet in London on Tuesday and Australia on Thursday to approve the deal, giving Glencore little time to counte...
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