Tata Steel Executive: No Change In Position On Riversdale
08 April 2011 - 7:55PM
Dow Jones News
Tata Steel Ltd. (500470.BY) hasn't changed its decision of
holding on to its shareholding in Riversdale Mining Ltd. (RIV.AU)
despite Rio Tinto PLC (RIO.LN) taking a majority stake in the
Australian miner, a senior Tata Steel executive said Friday.
"We are still there [in Riversdale]," B. Muthuraman,
non-executive vice chairman, told reporters on the sidelines of an
industry conference.
Rio Tinto has assumed control of Riversdale, with its interest
in the Africa-focused coal producer rising above 50% Friday and
with the prospect of increasing it further before the takeover
offer closes in less than two weeks.
In December, Tata Steel Managing Director Hemant Nerurkar had
said the company isn't averse to working with Rio Tinto in
Riversdale.
Tata Steel holds a 27.1% stake in Riversdale.
- By Saurabh Chaturvedi, Dow Jones Newswires; 91-11-4356-3358;
prasenjit.bhattacharya@dowjones.com
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