Glencore to Revive Bid for Rio’s Canadian Iron Assets

Bloomberg reported that Glencore Xstrata Plc (LSE:GLEN) has revived its interest in bidding for the Canadian iron-ore operations that Rio Tinto Group (LSE:RIO,ASX:RIO,NYSE:RIO) is seeking to sell, according to two people familiar with situation.

As quoted in the market news:

The 59 percent stake in Iron Ore Co. of Canada is among assets that London-based Rio is trying to sell as it focuses on its most profitable operations. The interest may be valued at as much as $3.5 billion, Credit Suisse Group AG analysts said in June. Rio, the second-biggest mining company, hired Credit Suisse and Canadian Imperial Bank of Commerce to sell all or part of the stake, a person familiar with the matter said in March.

Read the full Bloomberg article here