LONDON (AP) -- Australian mining company Rio Tinto PLC says it will move to compulsory purchase to mop up the last few shares of Riversdale Mining Ltd. after the last big holdout accepted the $4 billion takeover offer.
Rio Tinto said Friday that Tata Steel had agreed to sell its 26.3 percent stake in Riversdale, which has significant coal mining operations in Mozambique and the Zululand Anthracite operation in South Africa.
Rio Tinto launched its bid in December. It says it will use compulsory purchase to get the remaining shares, representing a stake of 0.26 percent.
Tata Steel, based in Mumbai, says it will keep a 35 percent interest in Riversdale Energy (Mauritius) Ltd., a subsidiary of Riversdale Mining.
