Friday, 29 April 2011 16:13:06 (GMT+2)
On April 29, the Australian mining giant Rio Tinto said that it has assumed control of the Africa-focused Australian coal miner Riversdale Mining Limited (Riversdale) board with the appointment of two new directors and will seek to delist Riversdale following the end of its takeover bid.
Today's appointments give Rio Tinto five directors on the nine-member board.
Rio Tinto now holds a relevant interest in more than 73 percent of Riversdale shares.
Also, in relation to the takeover offer for Riversdale by Rio Tinto Jersey Holdings 2010 Limited (RTJ), a wholly-owned subsidiary of the Rio Tinto Group, RTJ intends to seek to delist Riversdale after the close of the offer, as stated in the letter to Riversdale shareholders sent to the Australian Securities Exchange (ASX)
(sourced steelorbis)
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