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This time the protagonist, also from Australia, but from playing with toys of BHP Billiton, and switch [link widoczny dla zalogowanych] to its biggest rival Rio Tinto.

At Rio Tinto formally issued to the Australian mining company Riversdale offer day, December 24, the Indian [link widoczny dla zalogowanych] giant state-owned coal mine in India International Investment Limited (ICVL) announced that it is to this research in Africa has rich reserves of coal mining companies in Australia issued a competitive bid to fight Rio Tinto's total about 39 billion offer.

Now the world's third largest mining group Rio Tinto announced on Thursday, bid 16 Australian dollars per share, or about 3.9 billion total company launched its bid for Riversdale. The offer was received on Thursday the board unanimously recommended the latter, and now need to come from Tata Steel, the largest shareholder approval. Rio Tinto said the transaction requires at least 50% of the shareholders, in the offer before formally issued, there are 14.9% of the Riversdale shareholders accept the offer.

Full of joy in Rio ready to "marry" Riversdale when the opponent is a heavyweight halfway blaze. The news media from Australia, [link widoczny dla zalogowanych] 24, disclosed that the [link widoczny dla zalogowanych] Indian state-owned enterprises has made it clear that the bid ICVL will.
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According to reports, ICVL main Xiweierma the Board of Directors, said the company is studying the proposed competitive offers, and has hired Citibank to assist the development and launch bid plan, Citibank will submit the report within weeks.

Information, International Coal Investments Limited by the Steel [link widoczny dla zalogowanych] Authority of India Limited, India's National Thermal Power Corporation of India's five state-owned enterprises formed, the strength of a fairly solid.

Development of the situation from the current point of view, the bid for the Riversdale most likely turn into yet another case similar to the acquisition of Canadian potash war. August this year, BHP Billiton made nearly 40 billion U.S. [link widoczny dla zalogowanych] dollars acquisition of the world's largest potash fertilizer producer, after Canada, was attracted several global large-scale enterprises to join the competition, but in the end, as opposed to the Government of Canada, this acquisition to nothing.

Sought-coking coal resources

It is reported that, Riversdale company has two coal projects in Mozambique, coking coal and thermal coal reserves total of 130 million tons. Analysts believe that, Riversdale's main attraction lies in its coal reserves in Mozambique, because the global demand for high quality coal resources are increasing, especially steel production and other industries. Industry estimates, Riversdale coking coal market, the future may hold 5-10% of global share.

CLSA noted that, Riversdale in Africa and the Zambeze Benga coal project is "world class" assets, that first put [link widoczny dla zalogowanych] forward in the acquisition of Rio Tinto, other competitors will gradually emerge.

According to [link widoczny dla zalogowanych] Commonwealth Bank of Australia analyst forecasts, to challenge the [link widoczny dla zalogowanych] Rio Tinto offer, new buyers may have to bid to at least a share of 20.8 Australian [link widoczny dla zalogowanych] dollars. Riversdale on Thursday, an executive director, said in a telephone interview, to date, the company has not approached other potential acquirer. The ICVL did not make contact with the Tata Iron and Steel area.

[link widoczny dla zalogowanych] CLSA's analysts said in a report that Rio Tinto's 16 Australian dollars per share offer, all shareholders are unlikely to win the support of Riversdale, Riversdale the bank will also increase its price target on the expected 3% to 18 Australian dollars.
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