Glencore ups offer for Rio Tinto to $2.7bn

'As recently reported in this newspaper, Glencore has re-started drilling at its Pallas Green prospect in Limerick.' Photo: Getty Images

Rahul B and Barbara Lewis

Miner and trader Glencore said it had submitted a higher offer to buy Australian miner Rio Tinto's stake in Coal & Allied Industries Ltd for $2.675bn (€2.39bn) in cash, plus a coal-price-linked royalty.

The offer from Glencore, up from its previous $2.55bn (€2.28bn), comes three days after Rio Tinto selected Yancoal to buy its Coal & Allied division in Australia for $2.45bn (€2.19bn).