[miningmx.com] — London – Global miner Rio Tinto holds over 49% of Riversdale Mining, beating its target 47% holding ahead of a deadline on its A$3.9 bn ($4bn) takeover offer.
The offer of A$16.50 a share depended on Rio getting to at least a 47% stake in Riversdale by late on April 6, otherwise it would have paid A$16 a share.
Rio said on Wednesday that it now holds 49.49% of Riversdale. Earlier in the day, it announced a 46.78% holding.
The offer price increase has also triggered an extension of the offer period until April 20.
Rio Tinto said last week it would go ahead with its takeover offer for Riversdale, even if it ends up with a minority stake in the Mozambique-focused coal miner.
The offer, announced in December, was originally conditional on at least 50% acceptances.
