Thursday 10 March 2011, 10:17 AM
MELBOURNE (Reuters) - Institutional shareholders in Riversdale Mining (ASX:RIV.AX) are moving toward backing global miner Rio Tinto's sweetened A$3.9 billion takeover offer for the Mozambique-focused coal miner, Riversdale's chief executive said on Thursday.
Rio Tinto raised its offer to A$16.50 a share on Thursday in a final bid to woo key shareholders who have held up the deal, and extended the offer for a third time, to April 1.
"I can say that from the institutional calls that I've made in the last few hours, that there's some growing support for Rio Tinto," Riversdale Chief Executive Steve Mallyon told Reuters.
(Reporting by Sonali Paul; Editing by Balazs Koranyi,sourced:Thomson Reuters)
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