Rio Tinto, Mitsubishi To Buy Out Coal & Allied For $1.56B

Rio Tinto plc RIO and Mitsubishi Corp MSBHY offered to buy out Coal & Allied for A$1.49 billion ($1.56 billion). Rio and Mitsubishi offered A$122 per share, a 34% premium to the Coal & Allied 's last trading price. RIO shares dropped 3.63% to $57.04 in pre-market trading, while Mitsubishi gained 2.19% to close at $49.41 on Friday.