03:16 ET<\/span>
\n<\/span><\/p>\nMining giant Rio Tinto has upped its bid for Riversdale in its latest attempt to woo shareholders of the Australian coal miner.<\/p>\n
Rio said it would raise its offer from $16 (\u00a310) a share to $16.50, valuing Riversdale at about $3.9bn, if more than 50% of shareholders accepted the bid by 23 March.<\/p>\n
The improved bid offers “a highly attractive premium”, Rio said.<\/p>\n
Sydney-based Riversdale has large coking coal projects in Mozambique.<\/p>\n
‘Growing support’<\/span><\/p>\nRio said there had been no sign of a competing bid since it first offered $3.5bn at the beginning of December.<\/p>\n
It added that it would not increase its offer again in the absence of any competing bids.<\/p>\n
“The choice for Riversdale shareholders is clear – accept the offer or risk seeing their share price return to pre-bid levels,” said Rio Tinto Energy chief executive Doug Ritchie.<\/p>\n
“There is no reason to delay acceptance.”<\/p>\n
India’s Tata Steel is the largest shareholder in Riversdale and there had been speculation that it, and perhaps Brazil’s Vale, might make a counter offer. None has been forthcoming.<\/p>\n
“I can say that from the calls [to institutional shareholders] that I’ve made in the last few hours, there is some growing support the Rio Tinto,” said Riversdale chief executive Steve Mallyon.<\/p>\n<\/p><\/div>\n<\/p>\n
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