Mar 28, 2011 11:32pm GMT
MELBOURNE, March 29 (Reuters) - Global miner Rio Tinto is negotiating with one of two major shareholders in Riversdale Mining to secure a majority stake in the Africa-focused miner.
Rio Tinto has launched a A$3.9 billion ($4 billion) takeover bid for Riversdale, conditional on at least 50 percent acceptances, but has so far secured only about 41 percent.
Rio Tinto's lawyer said in a letter released to the Australian stock exchange on Tuesday that Rio "genuinely believes that an outcome of those discussions is likely to emerge during the course of this morning". The letter was released by Riversdale.
$1 = 0.976 Australian Dollars)
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