Stocks

No decision on Riversdale stake yet: Tata Steel

Our Bureau Mumbai | Updated on March 12, 2018 Published on February 23, 2011

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Tata Steel Ltd (TSL) said on Wednesday that it has not taken a decision with regards to its position on Rio Tinto's takeover bid of Australia's Riversdale Mining Ltd, but will make an official announcement when it sees fit.

In a statement to the bourses, the steelmaker said, “TSL notes the reports in the media in recent weeks regarding the Rio takeover bid for Riversdale and TSL's position in that regard. TSL has not yet made a decision in relation to the Rio offer and reserves its right to make that decision at any time during the offer period.

TSL will issue a formal statement if and when it makes such a decision.” TSL owns a 24 per cent stake in Riversdale, which has 13 billion tonnes of coking and thermal coal reserves in Mozambique.

Rio Tinto offer

Meanwhile, Anglo-Australian mining company Rio Tinto is also looking to take over Riversdale and had recently extended its $3.9 billion offer to March 4.

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Published on February 23, 2011
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