Riversdale coal “’
Rio Tinto extends
its US$3.9 billion
for the company
 
Melbourne, Australia — MININGREVIEW.COM — 11 February 2011 – Global mining giant Rio Tinto has extended its US$3.9 billion takeover offer for Mozambique-focused coal miner Riversdale Mining by two weeks to 4 March.

In making this announcement here, the company reiterated that Riversdale had confirmed that that no other takeover offer had emerged.

The extension came on the same day that CSN “’ Brazil’s biggest steel manufacturing group “’ raised its stake in Riversdale to 19.9% “’ just below the threshold for making a compulsory takeover offer.

CSN “’ Riversdale’s second-largest shareholder behind India’s Tata Steel “’ has not said what its intentions are, but and industry experts speculate that its main aim is to improve its bargaining position with Rio Tinto to secure coal supplies.