Shareholder backing for Rio Tinto Ltd.'s (RIO) US$4.0 billion bid for coking coal developer Riversdale Mining Ltd. (RIV.AU) has risen by nearly a percentage point to 35.89%, from 34.94% two days previously, Rio Tinto said Wednesday.

An offer of A$16.50 per share for the Mozambique-focused miner, an increase on Rio's initial A$16.00-a-share bid, was extended for three trading days Monday to April 6.

Rio said the extension would allow some investors to finalize the unwinding of equity swaps, or settle trades made on the Australian Securities Exchange before they can accept the offer.

Rio has previously said it would want to hold at least 50% of Riversdale shares before declaring the offer unconditional, but that may be made difficult by the combined 47% holding in the company owned by Tata Steel Ltd. (500470.BY) and Cia. Siderurgica Nacional (SID), and some investors have speculated that the miner may settle for a holding slightly below control.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com
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