Australian coal producer Coal & Allied Industries Ltd. (CNA.AU) said Friday majority owner Rio Tinto PLC (RIO) and partner Mitsubishi Corp. (8058.TO) have increased their joint offer for the outstanding shares they don't currently hold.

Rio and Mitsubishi are offering A$125 a share, an increase of A$3 on the indicative price offered early this month, to value Coal & Allied at A$10.8 billion.

Coal & Allied said a committee put together to review the offer is recommending the bid, subject to an independent expert report and no superior offer.

Rio currently owns 75.7% of Coal & Allied, and Mitsubishi 10.2%.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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