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Three Aus firms take lead on $1.6bn mining bid

Three Aus firms take lead on $1.6bn mining bid

Three Australian law firms have landed roles on the joint $1.6 billion offer by Rio TInto and Mitsubishi that would give the companies full control of Australian miner Coal & Allied.

THREE Australian law firms have landed roles on the joint $1.6 billion offer by Rio TInto and Mitsubishi that would give the companies full control of Australian miner Coal & Allied. 


The bidders' goal is to acquire the roughly 14 per cent of Coal & Allied shares they don't already own, according to The New York Times. 


Rio Tinto, the world's second-largest mining company behind BHP Billiton, already owns 76 per cent of Coal & Allied. Japanese Mitsubishi owns 10.2 per cent, according to Bloomberg reports. 


Allens Arthur Robinson M&A partners Richard Kriedemann and Kylie Brown are advising Rio Tinto on the proposed transaction. Allens has long held the Melbourne-based mining giant as a client, providing it will tax advice in relations to the $68 billion hostile takeover bid by rival BHP Billiton, which collapsed. 


Blake Dawson corporate and M&A partner Stephen Menzies, Jason Lamberth and Ian Williams have advised Tokyo-based Mitsubishi. 


Gilbert + Tobin M&A partners Garry Besson and Gary Lawler in Sydney are advising Coal & Allied Industries Limited on the incomplete, non-binding, conditional and indicative proposal received from Rio Tinto.


If the proposal proceeds, it would value Coal & Allied at $10.6 billion.


G+T corporate advisory partners Besson said the firm is "extremely pleased to advise Coal & Allied Industries on such a strategic transaction and we are delighted that the firm is involved in yet another significant market transaction at this time".


Greenhill Caliburn is the investment bank advising Coal and Allied Industries Limited.

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Three Aus firms take lead on $1.6bn mining bid
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