RIO Tinto continues to edge closer to winning sufficient support to secure the takeover of Riversdale Mining and with it a large developing coking coal asset in southern Africa, having now secured acceptances over 33.04 per cent of the company's voting rights.
Rio, which last week raised its offer for Riversdale to almost $4 billion, on Wednesday said the acceptance level had risen to 30.59 per cent from 26.13 per cent.
The offer is conditional on Rio obtaining a more than 50 per cent stake in Riversdale by March 23, although the bid will remain open until April 1.
Riversdale's two largest shareholders, steel producers Tata Steel of India and Cia Siderurgica Nacional of Brazil, together hold 47 per cent of the voting rights.
Riversdale operates a colliery in South Africa and is developing two major coal projects in neighbouring Mozambique in an area attracting interest from mining and steel companies from around the world. Coking coal is a key ingredient in the production of steel.
Rio Tinto sweetened the bid March 10 to $16.50 a share from the $16 offered in December, and said it won't increase it further. (The Wall Street Journal)
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