Rio Tinto wins nearly 50 percent of Riversdale shares

6th April 2011, Comments 0 comments

Anglo-Australian miner Rio Tinto said Wednesday it had secured 49.49 percent of shares in mining group Riversdale, as it closes in on winning majority control of the Mozambique-focused group.

Rio said in a statement that the acceptance level had breached its target of 47 percent, and as a result the group has now lifted its Riversdale offer to Aus US$16.50 per share from Aus$16.

That values long-time takeover target Riversdale at almost US$4.0 billion (2.8 billion euros). The offer period will close on April 20.

Last week, Rio had declared the offer unconditional, meaning all of its takeover conditions had been met.

© 2011 AFP

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