Rio Tinto wins nearly 50 percent of Riversdale shares
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