Rio Tinto wins 41.51% of Riversdale shares

Rio Tinto wins 41.51% of Riversdale shares

London: Anglo-Australian miner Rio Tinto has secured 41.51% of shares in its $3.9 billion bid for Mozambique-focused steel-making coal miner Riversdale, it said in a statement on Wednesday.

That compared with 41.04% on Tuesday, when the group had declared the offer unconditional -- meaning its takeover conditions have been met -- after dropping its previous target level of 50%.

Rio added that it will raise its bid to Aus$16.50 per share from Aus$16 -- if the group obtains interest from more than 47% of Riversdale’s shareholders by 6 April.

On 10 March, Rio had already boosted the offer to Aus$16.50 but said it was targeting the 50% level.

“The main difference is the fact that there are no conditions in terms of the offer," added a Rio Tinto spokesman.

“We would encourage shareholders who have no yet accepted to do so, as the offer is now unconditional."