Stake in Rio Tinto takeover

Townsville Bulletin - - Investor -

BRAZIL’S largest steel maker says it plans to keep its 19.9 per cent stake in Rio Tinto Ltd’s takeover tar­get Rivers­dale Min­ing Ltd, a me­dia re­port says. Rio Tinto has so far amassed a 41.508 per cent stake in the South Africafo­cused gold miner and on Tues­day dropped the $ 3.9 bil­lion bid’s 50 per cent min­i­mum ac­cep­tance con­di­tion. The min­ing gi­ant also said it would in­crease the of­fer from $ 16 per Rivers­dale share to $ 16.50 per share if it had at­tained a 47 per cent in­ter­est in the tar­get by April 6. A Dow Jones re­port yes­ter­day cited Cia Siderur­gica Na­cional SA chief fi­nan­cial of­fi­cer Paul Penido as say­ing the Brazil­ian com­pany would wait to see what Rio Tinto did April 6.

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