Rio Tinto to delist Riversdale

3rd May 2011 07:26

Mining giant Rio Tinto signalled the end of its protracted takeover bid for Riversdale by announcing that the Australian coal miner would be delisted from the Australian Stock Exchange.Rio Tinto, which controls more than 73% of Riversdale's shares after a bid battle stretching back to Christmas 2010, has taken control of Riversdale's nine-person board after Rio Tinto Energy chief executive Doug Ritchie and Rio Tinto Energy vice president human resources Rosemary Fagen were appointed as directors.The appointments give Rio five directors on the Riversdale board. Ritchie will take over as chairman, replacing William O'Keeffe, who has stepped down from the Riversdale board. ---jh