News: Rio secures control of Riversdale

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Rio Tinto Ltd (ASX:RIO) has secured a majority interest in Mozambique-focused coal miner Riversdale Mining Ltd (ASX:RIV).

Four months since the global mining giant launched a $3.9 billion takeover Rio has announced that its shareholding in Riversdale has now passed 50 per cent.

Rio says this stake may even rise further with the takeover offer remaining open until 20 April, 2011.

Rio has appointed three of its senior executives to the Riversdale board and has signaled that more appointments are to come. 

Rio Tinto Energy chief executive Doug Ritchie says the new Riversdale board will reflect Rio’s majority shareholding and help clear the way for the development of Riversdale's assets as quickly as possible.

 

Rio Tinto shares last traded at $86.25. Riversdale shares last traded at $16.52.



In the 2010 financial year Rio Tinto posted a net profit of $14.9 billion.