Rio Tinto Sweetens Offer For Riversdale To $3.9B

Law360, New York (March 10, 2011, 2:26 PM EST) -- Mining giant Rio Tinto Ltd. bumped its offer for fellow Australian mining company Riversdale Mining Ltd. up 3 percent to AU$16.50 ($16.52) per share Thursday, warning Riversdale shareholders that they should take the $3.9 billion deal "as soon as possible."

Shares of Sydney-based Riversdale moved nearly 3.2 percent higher to AU$15.61 in trading in Australia Thursday but remained below Rio Tinto's offer price in a sign the latest bid has a strong chance of success.

Melbourne-based Rio Tinto said it would not again increase its offer...
To view the full article, register now.