A Blog for Browsing Mining, Mineral Processing, and Metals Info

Oct 25 (Reuters) – The following bids, mergers, acquisitions and disposals were reported by 1415 GMT on Friday:

 ** Yue Xiu Group, the trading arm of China’s Guangzhou city government, has agreed to buy a stake of up to 75 percent in family-run Chong Hing Bank Ltd for about HK$11.64 billion ($1.50 billion) as part of its push into Hong Kong. The deal would give Yue Xiu Group, which operates real estate, securities, and transportation infrastructure businesses, access to Chong Hing’s 53 branches in Asia’s sixth-biggest bank loan market.

 ** Rio Tinto has agreed to sell its majority stake in Australia’s third-largest thermal coal mine to Glencore Xstrata and Japan’s Sumitomo Corp for just over $1 billion, pushing ahead with plans to focus on larger, core operations. Rio put its 50.1 percent stake in the Clermont mine in Queensland on the block earlier this year, but appetite had been considered by industry advisers to be weak, given a poor outlook for coal prices and high costs in Australia

http://www.reuters.com/article/2013/10/25/deals-day-idUSL3N0IF35H20131025.