Rio Tinto recently announced it will move to compulsory acquisition of Riversdale Mining Ltd., as Tata Steel has accepted all of its shareholding into Rio Tinto’s takeover offer for Riversdale. Rio Tinto’s offer for Riversdale, made through Rio Tinto Jersey Holdings 2010 Ltd., reportedly received an overwhelming level of support from Riversdale shareholders. Rio Tinto has acquired 99.74% of all Riversdale shares, including Tata Steel’s 26.28% stake.
“This is a great outcome for Rio Tinto,” said Doug Ritchie, Energy chief executive for Rio Tinto. “The Riversdale acquisition reinforces our strategy of investing in and operating long-life, cost-competitive mines and businesses with significant growth potential.”
For more information, visit www.riversdalemining.com