Rio Tinto Ltd (ASX:RIO) is set to take full ownership of Riversdale Mining Ltd (ASX:RIV) after Tata Steel announced it would sell its 26.27 per cent stake.
The sale will earn Tata more than $1 billion representing a doubling in value in less than four years.
Tata said in a statement that it would sell the holding to Rio because it didn’t want to hold equity in a venture which Rio is intending to delist.
In the 2010 financial year Rio Tinto Limited reported a net profit of $14.9 billion.
