Directors in Riversdale Mining Ltd. (RIV.AU) disposed of shares and options worth around 1.7% of the company's market capitalization, as Rio Tinto PLC (RIO) US$4 billion bid for the company crept closer to its 47% target level, Riversdale said Tuesday.

In regulatory filings, the company said that five of its six directors had disposed of their holdings in the company, totalling around A$69.3 million in shares and options.

Of the company's directors, only NK Misra, an appointee of Tata Steel Ltd. (500470.BY), was not mentioned in the series of regulatory filings posted to the Australian Securities Exchange.

The bulk of the disposal was shares and options held by Riversdale executive chairman William O'Keeffe and worth A$53.2 million.

Earlier Tuesday, Rio Tinto said it had raised its interest in Riversdale to 44.31%.

Rio last week said shareholders would only receive its A$16.50 a share increased offer if it managed to move above the 47% level of the combined share holdings of Tata and Companhia Siderurgica Nacional (SID), the company's second- and third-largest shareholders.

Rio has declared the offer unconditional, but the offer price will drop back to A$16 a share if the 47% level is not reached.

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