new developments soon, page-8

This news is a little bit old but I would make sense for Tata Steel to make an offer. It would cost lesss than other interested parties as they already have a 24% holding.

11 Dec, 2010, 05.54AM IST,AGENCIES

Riversdale stake: NMDC may go solo

NEW DELHI: NMDC on Friday said it may bid independently for a stake in Africa-focused Riversdale Mining and ruled out any possibility of partnering with Tata Steel, which owns a 24% stake in the Australia-listed miner.

The statement comes in the wake of speculations that Tata Steel may partner NMDC for acquiring Riversdale after global miner Rio Tinto?s $3.5 billion bid for a possible acquisition of the mining firm.

?We are not talking to Tata Steel on this issue. That will be done independently, not in association with Tata Steel,? NMDC chairman Rana Som said. Any such question of proceeding with Tata Steel for Riversdale acquisition or purchase of shares does not arise, Som added.

?There is no question of partnering with Tata Steel,?? Som said, adding that the answer to ?whether we are partnering with Tata Steel in acquisition or purchase of shares in Riversdale, ... is no.? Navratna NMDC had earlier expressed an interest in buying a 10% stake in Riversdale.

When contacted, Tata Steel spokesperson Sanjay Choudhary said: ?At this point of time, the company has nothing to state.?

http://economictimes.indiatimes.com/articleshow/7080840.cms