Rio Tinto's Stake In Riversdale Rises To 49.53%
07 April 2011 - 2:08AM
Dow Jones News
Rio Tinto PLC (RIO) said Thursday its interest in Riversdale
Mining Ltd. (RIV.AU) has risen to 49.53%, edging it closer to
securing the takeover and with it control of two major developing
coking coal projects in southern Africa.
The Anglo-Australian mining company surpassed the more than 47%
stake it had been targeting by late Wednesday, triggering an offer
price of A$16.50 a share to value Sydney-based Riversdale at almost
US$4 billion. The offer is set to close April 20, having been
extended a fifth time since December.
Riversdale operates a colliery in South Africa that Rio has said
it would sell if its takeover is successful, and is developing two
projects in neighboring Mozambique that have a combined estimated
resource of about 13 billion metric tons. Coking coal is a key raw
material in steel making.
Riversdale's next two largest shareholders--steel producers Tata
Steel Ltd. (500470.BY) of India and Cia. Siderurgica Nacional (SID)
of Brazil--together own 47% of the company.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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