HEDGE fund Passport Capital has sold a 1.6 per cent stake in coking coal explorer and takeover target Riversdale Mining.
The selldown comes amid a $16-a-share bid for the miner by Rio Tinto, the fund said today.
The sale still leaves Passport, Riversdale's third-largest shareholder, with an effective stake of 12.97 per cent in the company.
Riversdale's largest shareholders are Indian and Brazilian steelmakers Tata Steel and Cia. Siderurgica Nacional （SID）, with holdings of 24.14 per cent and 13.2 per cent respectively, according to Thomson Reuters.
Rio made a $16-a-share offer for Riversdale, which has coal resources in the southern African country of Mozambique estimated at 13 billion tonnes, on December 23, with the recommendation of all directors except for N.K. Misra, a Tata appointee who abstained.
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