icvl of india will top rio's $3.9 billion bid

Good luck to all RIV long-term holders!

ICVL of India Will Top Rio's $3.9 Billion Riversdale Offer, Chairman Says

By Pradipta Mukherjee and Rajesh Kumar Singh - Jan 22, 2011 10:31 PM GMT+1100

India?s government plans to offer more than Rio Tinto Group?s A$3.9 billion ($3.9 billion) bid to buy Australia?s Riversdale Mining Ltd., Chairman C.S. Verma said.

International Coal Ventures Ltd., a group of Indian state- run metal and energy companies, will decide on a price for the Sydney-based coal company with mines in Mozambique at a board meeting in New Delhi on Jan. 27, Verma said in an interview in Kolkata today.

Rio Tinto, which offered A$16 a share, said yesterday it received unconditional approval from the Australian Treasurer to buy Riversdale.

To contact the editor responsible for this story: Margo Towie at [email protected]