"Yancoal's revised offer is the most attractive because it removes the deferred payment structure, can meet the timeline we have set for the transaction, and has given us certainty regarding the outstanding regulatory approvals required," Rio CEO Jean-Sebastien Jacques said in the statement. Yancoal, which is 13% owned by Asian commodity trading giant Noble Group Ltd., said in January that the acquisition would make it Australia's largest pure-play producer of the commodity. Chinese state-owned Yanzhou Coal owns 78% of the Australian Securities Exchange-listed company.