April 6, 2011 – MELBOURNE (Reuters) - Global miner Rio Tinto <RIO.AX><RIO.L> beat its target to secure a 47 percent stake in Riversdale Mining <RIV.AX> with its A$3.9 billion ($4 billion) takeover offer, and will pay its sweetened offer.
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The offer of A$16.50 a share depended on it getting to at least a 47 percent holding in Riversdale by late on April 6. Otherwise it was set to pay A$16 a share.
Riversdale's two other key shareholders, India's Tata Steel <TISC.BO> and Brazil's CSN <CSNA3.SA>, have held on to their combined 47 percent stake.
($1 = 0.965 Australian Dollars)
(Reporting by Sonali Paul and Ed Davies)