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ICVL appoints Citigroup to conduct due diligence on Riversdale
Rio Tinto made a revised bid of AUD3.9bn (earlier AUD3.5bn) to take over Riversdale
Mining, in which Tata Steel has a 24.2% stake, the single largest holding. The latest offer
of AUD16/share is higher than the earlier bid of AUD15/share. An Indian consortium
International Coal Ventures Ltd. (ICVL), comprising SAIL, Coal India, NTPC, RINL and
NMDC, is also reportedly in the race for Riversdale. As per Economic Times, ICVL has
appointed Citigroup to conduct a due diligence on Riversdale. There are speculations that
Tata Steel may bid for Riversdale. According to Tata Steel, it viewed Riversdale as a
strategic investment and will take appropriate action as deemed necessary. We await for
more clarity and maintain Accumulate on Tata Steel with a Target Price of `702.
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