Rio Tinto Upgrades Offer For Riversdale Mining To A$16.50/Share
10 März 2011 - 12:52AM
Dow Jones News
Rio Tinto PLC (RIO) will increase its offer for coking coal
miner Riversdale Mining Ltd. (RIV.AU) to A$16.50 from A$16.00 a
share, the target said Thursday, amidst lackluster takeup of the
proposal from shareholders.
Riversdale said the increased offer would be conditional on Rio
Tinto obtaining interest from more than 50% of the company's
shareholders by March 23, and that it wouldn't increase its offer
beyond that point unless there was a competing proposal.
Rio Tinto's US$3.9 billion offer for the Mozambique-focused
miner has seen sluggish takeup from shareholders and aggressive
stake-building by major shareholders.
Tata Steel Ltd. (500470.BY) and Companhia Siderurgica Nacional
(SID) have raised their stakes to a combined 47% since the offer
was announced Dec. 24, and as of March 4 only 19.14% of
Riversdale's shareholders had assented to the offer by either
selling or offering their shares to Rio Tinto or pledging them to
an institutional acceptance facility.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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