(Adds details, shares)
June 23 (Reuters) - Miner and trader Glencore Plc
said on Friday it had submitted a higher offer to buy Australian miner Rio Tinto's (RIO) stake in Coal & Allied Industries Ltd for $2.675 billion in cash plus a coal price-linked royalty.[nRSW0475Ja] The offer from Glencore, up from its previous $2.55 billion, comes three days after Rio Tinto selected Yancoal (YAL) on Tuesday to buy its Coal & Allied division in Australia for $2.45 billion.
Glencore said the offer was at least $225 million greater than Yancoal's proposal and that the full $2.675 billion cash consideration was payable in full on completion with no deferred payments.
"Rio Tinto must provide Yancoal with the opportunity to present a counter offer. If any such counter offer is determined by the Rio Tinto board to be equally or no less favourable than the competing proposal, then Rio Tinto must accept the Yancoal counter offer," Glencore said.
Glencore shares were down 1.1 percent at 278.80 pence at 1344 GMT while London-listed shares in Rio were up 0.4 percent at 3050 pence.
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