Rio Tinto Ltd (ASX:RIO) has revealed that it has been unable to score a majority stake in Mozambique-focused coal miner Riversdale Mining Ltd (ASX:RIV) with its improved offer.
The global mining giant’s sweetened $3.9 billion bid wasn’t enough for many investors, with Rio only securing 41.04 per cent of acceptances by yesterday deadline.
As Rio did not obtain over 50 per cent of acceptances the offer is now expected to revert to $16 per share from $16.50.
Rio’s offer will remain open until 6 April, 2011.
In the year to 31 December 2010, Rio Tinto posted a net profit of $14.9 billion.
