Tata Steel Ltd. (500470.BY) is gearing up for a battle over control of Australia's Riversdale Mining Ltd. (RIV.AU), the Economic Times reported on its website Thursday, citing three people connected with the issue.
Tata Steel may explore a joint bid with state-owned mining company NMDC Ltd. (526371.BY), which previously expressed interest in a stake in Riversdale, or with Steel Authority of India Ltd. (500113.BY), with which Tata has a sourcing agreement, the website said, citing the high cost of a bid.
However, the situation will only become clear after Rio Tinto PLC (RIO) makes a formal bid for Riversdale, the website reported one of the people as saying.
NMDC chairman Rana Som said the company hadn't yet discussed anything with Tata Steel, and that it would have to seek mine ministry approval for any such decision, the website reported.
Tata Steel owns a 24% stake in Riversdale.
Full story: http://economictimes.indiatimes.com/news/news-by-industry/indl-goods-/-svs/steel/Tata-Steel-may-form-alliance-to-bid-for-Riversdale/articleshow/7068807.cms.
Tata Steel Ltd. (500470.BY) is gearing up for a battle over...
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