Rio seeks to delist Riversdale

[miningmx.com] — RIO Tinto on Friday proposed to delist Riversdale Mining after it said it had control of more than 73% of the firm and extended the A$4bn takeover offer to May 6.

Riversdale’s biggest shareholder ahead of the bid, India’s Tata Steel, held on to its 27% stake, looking to secure high quality coking coal from Riversdale’s projects in Mozambique.

The other major hold-out against the A$16.50 a share offer, Brazilian steel maker CSN , has sold its 19.9% stake to Rio Tinto.