By Praveen Menon and Clara Denina
SYDNEY/LONDON (Reuters) – Glencore is likely to reject a $3.60 a share offer by coal producer Yancoal Australia Ltd’s Chinese parent to buy its minority stake in the miner as too low, two sources with knowledge of the matter said.
Yankuang Energy Group made an offer last week to acquire the 37.7% stake of Yancoal it doesn’t already own at a discount to the current market price, valuing it at $1.8 billion.
Yancoal did not respond to a request for comment and Yankuang could not be immediately reached for a comment. Glencore did not comment on the matter.
(Additional reporting by Scott Murdoch; editing by Rashmi Aich)