Rio to splash $3.5bn on bid

first_imgMonday 6 December 2010 8:41 pm whatsapp MINER Rio Tinto yesterday made a $3.5bn (£2.2bn) bid approach for Africa-focused Riversdale Mining, sending the target firm’s shares surging 16 per cent and setting up a potential takeover battle.Rio’s move on Australia’s Riversdale is likely to spark a bidding war, as the company has hard coking-coal projects in Mozambique that could eventually supply five to ten per cent of the global market for the key steel-making material.Brazil’s Vale is seen by some analysts as the most likely rival bidder, as it already has coal mines nearby in Mozambique. India’s Tata Steel, Riversdale’s top shareholder, was also seen as a potential bidder.Tata said it regarded its Riversdale stake as a strategic investment. “Tata Steel will continue to monitor the situation and will take appropriate action as deemed necessary,” the company said.Xstrata, Anglo American and Peabody Energy could also be interested. Top coking-coal exporter BHP Billiton is seen as a less likely contender, as it has its own growth options in Australia. Show Comments ▼ Tags: NULL KCS-content center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Rio to splash $3.5bn on bid Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof Sharelast_img

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