Takeover target Riversdale Mining Ltd. (RIV.AU) said Thursday three officers from suitor Rio Tinto PLC (RIO) have joined its board of directors, while its chairman and a director plan to step down.

Executive Chairman Michael O'Keeffe and non-executive director Andrew Love will resign as soon as the offer period for the bid closes April 20 or Rio acquires a more than 50% stake in Riversdale, the Sydney-based company said.

Rio earlier in the day said its interest in the Africa-focused coal company had risen to 49.53%. The Anglo-Australian mining company has offered A$16.50 a share, valuing Riversdale at almost US$4 billion.

Riversdale said Douglas Ritchie, chief executive of Rio's energy business; David Peever, managing director of Rio Tinto Australia; and Matthew Coulter, chief development officer of Rio's coal operations, have joined its board effective Thursday.

Rio late Wednesday said it had secured more than the 47% stake in Riversdale it had been chasing, triggering an extension of the offer by two weeks.

Riversdale said its board unanimously recommends shareholders accept Rio's offer, in the absence of a superior proposal.

The company's next two largest shareholders--steel producers Tata Steel Ltd. (500470.BY) of India and Cia. Siderurgica Nacional (SID) of Brazil--together own 47% of the company.

Riversdale operates a colliery in South Africa that Rio has said it would sell if its takeover is successful, and is developing two projects in neighboring Mozambique that have a combined estimated resource of about 13 billion metric tons. Coking coal is a key raw material in steel making.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com
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