Tata Steel to retain Riversdale stake
25 Apr 2011
Tata Steel today said it would remain invested in Australian mining firm Riversdale, which global mining giant Rio Tinto had acquired early this month.
Asked whether Tata Steel would continue to hold a stake in Riversdale, the Indian steel major's vice chairman B Muthuraman merely replied in the affirmative, without elaborating.
"Yes," he said replying to a query on the issue.
Rio Tinto had, last week, announced that it had extended the takeover offer to 29 April for Riversdale shareholders.
Rio had, last week, acquired a 72 per cent stake in the Australian mining firm. The global mining giant had also purchased the entire stake (19.9 per cent) of Brazilian steel maker CSN - another big shareholder in the Australian mining firm.
With a stake of 27.14 per cent in the company, Tata Steel is the second largest shareholder in the company currently.