Rio Tinto Shareholding In Riversdale Mining Rises To 52.6%
10 Abril 2011 - 10:34PM
Dow Jones News
Rio Tinto PLC (RIO) has extended its majority control of
Riversdale Mining Ltd. (RIV.AU), increasing its interest in the
Africa-focused coal producer to 52.6% by early Monday.
The Anglo-Australian mining company has offered A$16.50 a share
for Sydney-based Riversdale, valuing it at almost US$4 billion.
Rio Tinto said Friday it had assumed control of Riversdale as
its shareholding in the company had passed the 50% level and was
expected to rise further before the offer closes April 20.
Riversdale has added three Rio nominees to its board and said
executive chairman Michael O'Keeffe and a nonexecutive director
would step down.
Riversdale operates a colliery in South Africa and is developing
two coking coal operations in neighboring Mozambique. Coking coal
is a key raw ingredient in making steel.
Steel producers Tata Steel Ltd. (500470.BY) of India and Cia.
Siderurgica Nacional (SID) of Brazil together own 47% of
Riversdale.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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