Monday, 21 March 2011

Rio Tinto Faces Key Week for Riversdale Bid


MELBOURNE—Australian mining giant Rio Tinto PLC faces a crucial week in its quest to take over Africa-focused coal producer Riversdale Mining Ltd., after a slow take-up of acceptances since the offer was first made in December.

The bid was recently sweetened to almost four billion Australian dollars (US$3.99 billion) and the deadline extended a third time after few additional Riversdale shareholders committed themselves to selling to Rio Tinto.

Rio Tinto said Friday it had now secured shares and commitments over 33.04% of the voting rights in the Australian coal company, still well short of the more than 50% threshold it ... Read more

Source: The Wall Street Journal

No comments: