Rio Tinto still short of 50 percent on $3.9bln Riversdale bid

MELBOURNE: Global miner Rio Tinto remains short of its target of holding more than 50 percent of shares in Riversdale Mining, ahead of a Monday evening deadline on its Aus$3.9 billion takeover offer for the Mozambique-focused coal miner.

It had reached just under 40 percent as of Monday morning, Rio Tinto said, with still no word on whether Riversdale's two biggest shareholders, India's Tata Steel and Brazil's CSN, would sell any of their shares.

Riversdale's shareholders will receive Aus$16.50 a share if Rio reaches more than 50 percent acceptances by 0800 GMT on Monday. Otherwise the offer reverts to Aus$16 a share, remaining open until April 6.