Stake in Rio Tinto takeover
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.