Hong Kong — China’s Yanzhou Coal Mining is holding fire on a counteroffer for Rio Tinto Group’s Australian coal assets as it waits to hear if Glencore has succeeded in trumping the deal it struck six months ago. Glencore CEO Ivan Glasenberg has submitted a proposal to buy Rio’s Coal & Allied unit in New South Wales for at least $2.55bn, the Swiss-based producer and trader said in a statement on Friday.
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