Another significant purchase today on Commsec: 11:38:49 AM...

Another significant purchase today on Commsec:

11:38:49 AM 16.000 200,000 3,200,000.00 XT
11:38:33 AM 16.000 4,386,500 70,184,000.00 XT

According to the AFR quoted in the Business Spectator, CSN have bought a further 5 million shares today.

http://www.businessspectator.com.au/bs.nsf/Article/Riversdale-shareholder-ups-stake-pd20110209-DW426?OpenDocument

That would bring their stake to 19.69%. A blocking purchase or setting up for a counter offer? A blocking purchase IMO.

So if RIO wanted to get the remaining 56% of shares for a 50.1% holding (excluding Tata and CSN) they will need to drop the 50.1% condition or increase the offer price.