Miner Rio Tinto Acquires Majority Control of Riversdale Mining (RIO, RIV)

Mining company Rio Tinto RIO has acquired majority control of Riversdale Mining RIV, Reuters is reporting on Friday. The news comes after more than 50% of Riversdale's shareholders accepted Rio Tinto's $4 billion takeover offer. Rio said in a statement it planned to accelerate development projects at Riversdale. Rio Tinto Plc is an international business involved in each stage of metal and mineral production. Shares lost $0.55, to $72.42 on Thursday. Riversdale Mining Limited is an Australia-based company. The Company is engaged in the exploration, mining and development of a number of resource projects in Southern Africa. Shares gained a penny on Thursday, to close at $16.52.