Coal & Allied Industries Limited
(ASX:CNA) may soon be owned solely by Rio Tinto
(ASX:RIO) and Mitsubishi Corp.
The two companies will pay $122 per share to buy out minorities in the coal miner in an indicative deal that values the company at $10.6 billion.
Rio and Mitsubishi currently hold 75.7 per cent and 10.2 per cent respectively of Coal & Allied.
Their proposed stake would be 80 per cent and 20 per cent after the offer.
Perpetual is the only other major shareholder, with 6.3 per cent of the stock.
Coal & Allied Industries Limited
(ASX:CNA) reported a profit of $227.4 million in the six months to June.
