[miningmx.com] — GLOBAL miner Rio Tinto has received acceptances for 30.6% of shares in its $3.9bn takeover target Riversdale , it said on Wednesday, after increasing its offer for the Mozambique-focused coal miner last week.
The offer is conditioned on Rio Tinto reaching 50.1% control.
Rio Tinto raised its offer price by 3% to A$16.50 per share on Thursday and extended the offer period for the third time, to April 1, but said the new offer was its final one if there were no competing offers.
Standing in Rio’s way are India’s Tata Steel, the world’s No. 7 steelmaker, and top Brazilian steel producer CSN, who have increased their stakes in Riversdale since the bid and now hold a combined 47%.
Without their support, Rio would need nearly 100% acceptances from the rest of Riversdale’s shareholders to get majority control.
