Australia's Coal & Allied Says Rio Deal Meets FIRB Conditions

Australian coal producer Coal & Allied Industries Ltd. (CNA.AU) said Monday that an offer from Rio Tinto PLC (RIO) and partner Mitsubishi Corp. (8058.TO) to buy outstanding shares they don't currently hold in the company has met with approval conditions set by the Foreign Investment Review Board, or FIRB.

Rio and Mitsubishi are offering 125 Australian dollars (US$121) a share, an increase of A$3 on the indicative price offered early in August, to value Coal & Allied at A$10.8 billion.

Coal & Allied said it will lodge a draft for regulatory review with the Australian Securities & Investments Commission in the week starting Monday Oct. 3 and aims to host a meeting of shareholders on Nov. 28.

Rio currently owns 75.7% of Coal & Allied, and Mitsubishi 10.2%.

-By Sydney Bureau, Dow Jones Newswires; 61-2-8272-4681; djnews.sydney@dowjones.com

Coal & Allied Industries (ASX:CNA)
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