Johannesburg, South Africa — 21 June 2012 – A proposed merger in the South African mining industry, in which international mining giant Rio Tinto will take complete control of both Richards Bay Mining Holdings and Richards Bay Titanium Holdings has been given the green light by the Competition Tribunal.
Fin24 reports that Rio Tinto International‚ the purchaser in this transaction‚ is a wholly owned subsidiary of global the Rio Tinto Group, which is a global purchaser of several industrial minerals that include diamonds‚ copper‚ iron ore‚ thermal coal‚ metallurgical coal and uranium.
Currently Rio Tinto owns 49% of Richards Bay Mining Holdings and 51% of Richards Bay Titanium Holdings. The remaining shares in both companies are owned by BHP Billiton.
Through this transaction Rio Tinto will receive complete control of both Richards Bay Mining Holdings and Richards Bay Titanium Holdings.
The Competition Commission recommended that the Tribunal approve the transaction without conditions after assessing the deal and concluding that‚ overall‚ the proposed merger was not likely to cause a substantial lessening of competition.
Source: Fin24. For more information, click here.