Rio Tinto PLC (RIO) continues to attract acceptances for its near-A$4 billion bid to buy control of southern Africa-focused coal producer Riversdale Mining Ltd. (RIV.AU), but as the deadline for the bid looms later Monday it remains short of the more than 50% of the votes it is chasing.

Rio Tinto said it now has an interest and acceptances under a facility set up for the proposed takeover equal to 39.66% of Riversdale's shares, up from 38.38% at the end of last week.

Rio has extended its deadline four times since the bid was first made in December, and earlier this month increased the price to A$16.50 a share from A$16, subject to it receiving acceptances for more than half of Riversdale's shares. If it doesn't secure this level late Monday, Rio has said the offer will revert to A$16 a share and remain open until April 6, unless it extends the date again.

Sydney-based Riversdale, which operates a colliery in South Africa and is developing two coking coal projects in neighboring Mozambique, is majority held by two steel producers that together own a 47% stake: Cia. Siderurgica Nacional (SID) of Brazil in February raised its holding in the coal company to 19.9%, and India's Tata Steel Ltd. (500470.BY) soon after lifted its investment to 27.1%.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com
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