Deals
India Plans Riversdale Bid to Challenge Rio’s Offer
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India’s government is planning to make an unsolicited bid to counter a A$3.9 billion ($3.9 billion) offer from Rio Tinto Group for Riversdale Mining Ltd.
International Coal Ventures Ltd., a group of Indian state-run metal and energy companies, hired Citigroup Inc. yesterday to study a possible counterbid for the Sydney-based coal company with mines in Mozambique, the venture’s Chairman C.S. Verma said yesterday. London-based Rio yesterday bid A$16 a share, securing