Rio Tinto Says Backing For Riversdale Offer Hits 33.04% From 30.59%
18 März 2011 - 1:06AM
Dow Jones News
Rio Tinto PLC (RIO) continues to edge closer to winning
sufficient support to secure the takeover of Riversdale Mining Ltd.
(RIV.AU) and with it a large developing coking coal asset in
southern Africa, having now secured acceptances over 33.04% of the
company's voting rights.
Rio, which last week raised its offer for Australia's Riversdale
to almost A$4 billion, on Wednesday said the acceptance level had
risen to 30.59% from 26.13%.
The offer is conditional on Rio obtaining a more than 50% stake
in Riversdale by March 23, although the bid will remain open until
April 1.
Riversdale's two largest shareholders, steel producers Tata
Steel Ltd. (500470.BY) of India and Cia. Siderurgica Nacional (SID)
of Brazil, together hold 47% of the voting rights.
Riversdale operates a colliery in South Africa and is developing
two major coal projects in neighboring Mozambique in an area that
is attracting interest from mining and steel companies from around
the world. Coking coal is a key ingredient in the production of
steel.
Rio Tinto sweetened the bid March 10 to A$16.50 a share from the
A$16 offered in December, and said it won't increase it
further.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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