Fri Apr 29, 2011 7:59am GMT
SYDNEY, April 29 (Reuters) - Rio Tinto on Friday proposed to delist Riversdale Mining after it said it had control of more than 73 percent of the firm and extended the A$4 billion takeover offer to May 6.
Riversdale's biggest shareholder ahead of the bid, India's Tata Steel , held on to its 27 percent stake, looking to secure high quality coking coal from Riversdale's projects in Mozambique.
The other major hold-out against the A$16.50 a share offer, Brazilian steel maker CSN , has sold its 19.9 percent stake to Rio Tinto. (Reporting by Narayanan Somasundaram; Editing by Ed Davies, sourced Thomson Reuters)
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