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MACHINIST - Tata Steel to raise $ 1,060 million from Riversdale Mining exit

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Home arrow Alliances and Joint Ventures arrow Tata Steel to raise $ 1,060 million from Riversdale Mining exit

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Tata Steel to raise $ 1,060 million from Riversdale Mining exit
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Written by Vijay   
Tuesday, 21 June 2011

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Mumbai: After the recent announcement of Rio Tinto Jersey Holdings 2010 (Rio Tinto) to delist Riversdale Mining following its increased shareholding to 73.20 per cent in Riversdale Mining, the board of Tata Steel has decided that it would not want to hold its equity investment in Riversdale Mining, which is proposed to be delisted, without any joint venture agreement with the majority shareholder in unlisted Riversdale Mining.

The board of Tata Steel has decided to divest its entire 26.27-per-cent stake in Riversdale Mining to Rio Tinto in its current takeover offer for Riverdale Mining, following which the company has initiated steps to undertake the transaction.

The sale consideration of approximately A$ 1,060 million represents around 100 per cent appreciation of value in less than four years since the first investment. The investment is currently held by Tata Steel Global Minerals Holding, an indirect wholly-owned subsidiary of Tata Steel.

"Tata Steel has always welcomed Rio Tinto as the controlling shareholder of Riversdale Mining and continues to focus on its current holding of 35 per cent in Riversdale Energy (Mauritius), a subsidiary of Riversdale Mining, which owns coal assets in Mozambique. Tata Steel will continue in the joint venture with Riversdale Mining in Mozambique. Tata Steel would look forward to work with Rio Tinto and discuss in good faith ways to enhance its participation in the Benga joint venture based on the framework captured in the joint venture agreement between Tata Steel and Riversdale Mining," the company said in a statement.

 
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