Rio Tinto secures larger share of Riversdale
- Publishing Date
- 20 Apr 2011 12:43pm GMT
- Author
- Mining Journal
Rio Tinto has again increased its stake in Riversdale Mining Ltd after taking a 19.35% share owned by CSN Europe Lda. The latest acceptances lift Rio Tinto’s interest in the coal miner to 72%.
Rio Tinto said today 20 that CSN had accepted the A$16.50/share offer, which valued Sydney-based Riversdale at about US$4 billion. The takeover offer was also due to close today but has again been extended, this time by nine days to April 29.
The takeover of Riversdale was secured by Rio Tinto earlier this month after a four-month pursuit. Rio Tinto has since appointed three members to the board of Riversdale.
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