Anglo-Australian iron ore giant Rio Tinto Group has announced that its shareholding in Africa-focused Australian coal miner Riversdale Mining Limited (Riversdale) has increased from 17.86 percent to 26.13 percent.
As SteelOrbis previously reported, Rio Tinto and Riversdale have entered into a ‘bid implementation agreement' for a cash offer through which Rio Tinto seeks to acquire all of the issued and outstanding shares of the company. Last week, Rio Tinto raised its original offer of AU$16 per Riversdale share to AU$16.50 per share on condition of a 50 percent acceptance. The takeover is due to close on April 1, although the $16.50 offer is due to close on March 23.
Indian steel giant Tata Steel and Brazil's largest diversified steelmaker Cia Siderurgica Nacional SA (CSN) have recently increased their stakes in Riversdale to 27.1 percent and 19.9 respectively, i.e., a total of 47 percent. These two largest stakeholders have not made any moves to sell their stakes to Rio Tinto following the declaration of the bid.