Rio Tinto says happy with acceptances for Riversdale bid

Rio Tinto's energy chief executive Doug Ritchie, said on Tuesday the company is very pleased with the level of acceptances on its USD 4 billion bid for rival Riversdale Mining and would not alter the fundamental terms of the offer.

April 05, 2011 / 11:56 IST

Rio Tinto's energy chief executive Doug Ritchie, said on Tuesday the company is very pleased with the level of acceptances on its USD 4 billion bid for rival Riversdale Mining and would not alter the fundamental terms of the offer.

"We have made an announcement to the market today that we are going to reach 44.3%, and we are very pleased with the way the acceptances are coming," Ritchie told Reuters.

"We are not changing the fundamental terms of the offer."

Rio Tinto said last week it would go ahead with its A$3.9 billion ( USD 4 billion) takeover offer for Riversdale Mining even if it ended up with a minority stake in the Mozambique-focused coal miner.

The offer, announced in December, was originally conditional on at least 50% acceptances.

first published: Apr 5, 2011 11:41 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

Al Edge Newsletter On Saturdays

Find the best of Al News in one place, specially curated for you every weekend.
MC Tech 3 Newsletter Daily-Weekdays

Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347