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Wednesday, April 6, 2011

Rio Tinto secures 49.49 percent stake in $4 billion bid for Riversdale

Global miner Rio Tinto beat its target to secure a 47 percent stake in Riversdale Mining with its A$3.9 billion ($4 billion) takeover offer, and will pay its sweetened offer. 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 and Brazil's CSN , have held on to their combined 47 percent stake. ($1 = 0.965 Australian Dollars) (Reporting by Sonali Paul and Ed Davies)

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