Rio Tinto says wins 41 percent of Riversdale shares

30th March 2011, Comments 0 comments

Anglo-Australian miner Rio Tinto has secured 41.51 percent of shares in its US$3.9-billion bid for Mozambique-focused steel-making coal miner Riversdale, it said in a statement on Wednesday.

That compared with 41.04 percent on Tuesday, when the group had declared the offer unconditional -- meaning its takeover conditions have been met -- after dropping its previous target level of 50-percent.

Rio added on Wednesday that it will raise its bid to Aus$16.50 per share from Aus$16 -- if the group obtains interest from more than 47 percent of Riversdale's shareholders by April 6.

On March 10, Rio had already boosted the offer to Aus$16.50 but said it was targetting the 50-percent level.

"The main difference is the fact that there are no conditions in terms of the offer," added a Rio Tinto spokesman.

"We would encourage shareholders who have no yet accepted to do so, as the offer is now unconditional."

© 2011 AFP

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