{"id":346184,"date":"2011-03-29T04:35:58","date_gmt":"2011-03-29T04:35:58","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/29\/rio-aims-to-save-riversdale-bid\/"},"modified":"2011-03-29T04:35:58","modified_gmt":"2011-03-29T04:35:58","slug":"rio-aims-to-save-riversdale-bid","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/29\/rio-aims-to-save-riversdale-bid\/","title":{"rendered":"Rio aims to save Riversdale bid"},"content":{"rendered":"

\n \t\t
\n 29 March 2011<\/span>
\nLast updated at <\/span>00:35 ET<\/span>
\n<\/span><\/p>\n

Rio Tinto is negotiating with a major shareholder in Riversdale Mining in an effort to salvage its takeover bid for the company.<\/p>\n

Rio’s $4bn (\u00a32.5bn) offer in December was conditional on at least 50% of shareholders approving the bid.<\/p>\n

So far only 41% have said yes despite Rio Tinto saying it will improve its offer by 50 cents per share, should 50% shareholders accept by 23 March.<\/p>\n

The deadline for Rio to meet the minimum requirement expires on 6 April.<\/p>\n

Stakeholders<\/span><\/p>\n

The two key stakeholders in Riversdale are Tata Steel of India and CSN of Brazil.<\/p>\n

Tata Steel recently increased its stake to 27% and also has a director on the company’s board.<\/p>\n

CSN, Brazil’s largest steelmaker, has also increased its Riversdale stake to 19.9%. However it has not made any comments on how it views Rio’s offer. <\/p>\n

Rio Tinto’s lawyer said that following the talks on Tuesday, the company will decide whether it will go ahead with the offer free of conditions.<\/p>\n

Meanwhile, Riversdale’s shares were put on a trading halt on Tuesday pending an announcement from Rio Tinto. <\/p>\n<\/p><\/div>\n<\/p>\n

More here:
\nRio aims to save Riversdale bid<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

29 March 2011 Last updated at 00:35 ET Rio Tinto is negotiating with a major shareholder in Riversdale Mining in an effort to salvage its takeover bid for the company. Rio’s $4bn (\u00a32.5bn) offer in December was conditional on at least 50% of shareholders approving the bid. So far only 41% have said yes despite Rio Tinto saying it will improve its offer by 50 cents per share, should 50% shareholders accept by 23 March. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-346184","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\nRio aims to save Riversdale bid - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/29\/rio-aims-to-save-riversdale-bid\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Rio aims to save Riversdale bid - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"29 March 2011 Last updated at 00:35 ET Rio Tinto is negotiating with a major shareholder in Riversdale Mining in an effort to salvage its takeover bid for the company. 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