A consortium of state-owned Indian mining and energy companies will decide this week whether to trump Rio Tinto Ltd (ASX:RIO) $3.9 billion takeover bid for Riversdale Mining Ltd (ASX:RIV).
The consortium, International Coal Ventures Ltd (ICVL) has deferred a decision on a potential rival bid for the Africa-focused coal miner to January 27 as it seeks more information from its adviser.
ICVL consists of utility firm NTPC, Steel Authority of India, iron ore miner NMDC, Coal India and steelmaker Rashtriya Ispat Nigam Ltd.
It has appointed Citigroup to conduct due diligence on Riversdale.
For the year ended 30 June 2010, Rio Tinto reported a net profit of $7.4 billion.
RIO Price at posting:
$84.38 Sentiment: None Disclosure: Held
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