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Riversdale Mining confirms takeover talks with Rio Tinto

Oilfield Technology,

Riversdale Mining has announced that it has held talks with Rio Tinto Group over a potential AU$ 3.5 billion takeover proposal.

A statement from Riversdale Mining read: “The company has had discussions with Rio Tinto concerning a possible transaction at the corporate level for indicative consideration of AU$ 15/Riversdale share. These discussions were undertaken in confidence and Rio Tinto advised the company that it is not in a position to submit a proposal for the potential acquisition of the company.”

The statement continued: “While discussions with Rio Tinto are ongoing, there is no certainty that Rio Tinto or any other party will proceed with any proposal for the acquisition of Riversdale or, if it does, the timing of such a proposal or the terms and conditions on which any such proposal will be made.”

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