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Rio Tinto's Bid For Riversdale Gets Boost

Anglo-Australian mining company says Brazil's CSN has accepted its takeover offer for Riversdale Mining Ltd., giving its bid a major boost.

LONDON (AP) -- Anglo-Australian mining company Rio Tinto PLC says Brazil's CSN has accepted its takeover offer for Riversdale Mining Ltd., giving its bid a major boost.

Rio said Wednesday that it was also extending the deadline offer period by nine days to April 29 after CSN's acceptance, which takes Rio's holdings in Riversdale to more than 72 percent.

CSN had previously rejected Rio's $4 billion takeover bid for the Australian-based coal producer, instead increasing its own holdings in Riversdale. India's Tata Steel, the other major stakeholder, continues to rebuff the offer.

Rio is keen to capitalize on Riversdale's sizable business in Africa, which includes a major project in Mozambique and the Zululand Anthracite operation in South Africa.