On March 16, 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 26.13 percent to 30.59 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.