Coal & Allied shareholders approve takeover offer

Australia's Coal & Allied Industries Limited shareholders have approved the takeover bid by Australian miner Rio Tinto and Japan's Mitsubishi Corp., which offers a total cash amount of A$125 for each Coal & Allied share.
 
According to the statement, payments are expected to be made on or about December 16, 2011.
 
As SteelOrbis previously reported, as a result of the takeover, Rio Tinto will have 80 percent of Coal & Allied shares, while Mitsubishi will hold 20 percent.