Tata Steel: To Sell Entire 26.27% Stake In Riversdale Mining For About A$1.06 Billion
June 16 2011 - 9:41AM
Dow Jones News
Tata Steel Ltd. (500470.BY) said Thursday it has decided to sell
its entire 26.27% stake in Riversdale Mining Ltd. (RIV.AU) to Rio
Tinto Plc (RIO) for about A$1.06 billion (US$1.1 billion).
The Indian steelmaker's decision, announced in a stock exchange
filing, comes a day before Rio Tinto's takeover offer for the
Africa-focused coal miner expires.
Rio Tinto is looking to delist the Australian company. The
London-based mining giant owns 73.42% of Riversdale, leaving the
free float of shares at just 0.3% of the total.
Tata Steel said it decided to sell the stake as it didn't want
to hold any equity investment in Riversdale without a joint venture
agreement with Rio Tinto after Riversdale's potential
delisting.
-By Kenan Machado, Dow Jones Newswires; +91 22 6145 6107;
kenan.machado@dowjones.com
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