Brazil's CSN accepts Rio's Riversdale bid

A major Riversdale Mining Ltd shareholder, Brazilian steel maker Cia Siderurgica Nacional SA (CSN), has accepted Rio Tinto Ltd's takeover offer for the Africa-focused coal miner.
Rio Tinto on Wednesday said CSN had sold its entire 19.35 per cent interest in Riversdale into the $3.9 billion offer, which has been extended by nine days to April 29.
The mining giant now has a more than 72 per cent stake in Riversdale after gaining majority control of the target on April 8.
India's Tata Steel is Riversdale's remaining major shareholder with a 27 per cent stake.
Both Tata and CSN have expressed interest in securing coal supply from Riversdale's projects.
Riversdale operates a mine in South Africa but its greatest appeal is its 65 per cent interest in a major coking coal project in Mozambique.
Rio Tinto Energy chief executive Doug Ritchie, coal chief development officer Matt Coulter and Australia managing director David Peever were earlier this month appointed to the Riversdale board.