Rio Tinto offer for Riversdale extended again

Resources group Rio Tinto said on Friday that it had extended its $4-billion offer for Riversdale by another two weeks.

It also indicated that the offer might be extended further.

The $16.50 (Australian dollars) a share cash offer, which was set to close on Friday, has been repeatedly extended since the offer was first made in March.

But since its previous extension two weeks back, the group has only secured 0.39% of its target.

“Following recent acceptances to the offer, Rio Tinto now holds a relevant interest in approximately 73.39% of Riversdale shares,” the group said.


The largest remaining shareholder in Riversdale is Tata Steel, which holds slightly more than 26%.

Tata Steel has indicated that it intends to remain invested in the company.

The free-float of Riversdale shares not controlled by either Rio Tinto or Tata Steel has continued to fall and is now only 0.33% of all shares on issue.

Rio Tinto has said it plans to delist Riversdale from the Australian bourse.

Riversdale has as its major assets coal projects in Mozambique and South Africa.

In South Africa, the company owns the Zululand Anthracite Colliery, which has an operating underground mine in the Zululand coalfield of northern KwaZulu-Natal. — I-Net Bridge

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever. But it comes at a cost. Advertisers are cancelling campaigns, and our live events have come to an abrupt halt. Our income has been slashed.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years. We’ve survived thanks to the support of our readers, we will need you to help us get through this.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Advertising

Eskom refers employees suspected of contracts graft for criminal investigations

The struggling power utility has updated Parliament on investigations into contracts where more than R4-billion was lost in overpayments

Locally built ventilators ready in two weeks as Covid cases...

The companies making the non-invasive devices, which will create jobs and are cheaper than other types, include car and diving manufacturers
Advertising

press releases

Loading latest Press Releases…

The best local and international journalism

handpicked and in your inbox every weekday