[miningmx.com] — RIO Tinto is to move to compulsory acquisition of Riversdale Mining after Tata Steel accepted all of its shareholding into Rio Tinto’s takeover offer for Riversdale.
Rio Tinto’s offer for Riversdale received an overwhelming level of support from Riversdale shareholders and to date Rio Tinto has acquired 99.74% of all Riversdale shares, including Tata Steel’s 26.28% stake.
Rio Tinto Energy chief executive Doug Ritchie said this was a great outcome 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.
“We have already started to integrate Rio Tinto’s operating and technical capability into the operations. We are determined to develop Riversdale’s assets in a sustainable, mutually beneficial manner for the people of Mozambique.”
Rio Tinto now has a relevant interest in greater than 90% of Riversdale and intends to compulsorily acquire the remaining shares. As previously announced, Rio Tinto would seek to have Riversdale de-listed from the Australian Securities Exchange after the offer has ended.
The offer, announced in December last year, closes at 19:00 Sydney time on Friday.
