Rio in last-ditch bid for Riversdale

Sarah Arnott
Wednesday 30 March 2011 00:00 BST
Comments

Rio Tinto has changed its tactics in a desperate effort to push through its A$3.9bn (£2.5bn) bid for Australia's Riversdale Mining. Rio has extended the timetable to 6 April and said it would raise the price if it secures more than 47 per cent of the company.

Two major Riverdale shareholders – India's Tata Steel and Brazil's CSN – have held out against the bid and so far Rio has managed to win just 41 per cent of Riversdale's stock. Analysts were speculating yesterday that the UK based miner was betting that Australian index investors holding 7 per cent of Riversdale would sell if Rio got 47 per cent and it fell out of the index.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in