June 9 (Reuters) - Miner and trader Glencore Plc GLEN.L said on Friday it had submitted a proposal to buy Australian miner Rio Tinto's RIO.AX RIO.L stake in Coal & Allied Industries Ltd for $2.55 billion in cash.
Glencore said the deal would be funded from existing cash resources and would be paid in two stages. also said that it plans a possible sale of up to 50 percent of its interest in Coal & Allied Industries.