RIO Tinto has moved past the 90% threshold in its bid to take control of North.
Rio filed a further Substantial Shareholder Notice with the Australian Stock Exchange this morning saying that it had 679,466,221 ordinary shares, or 91.48% of the company.
The multinational miner says it has now satisfied the requirements for compulsory acquisition under 661A of the Corporations Law and intends to issue compulsory acquisition notices as soon as possible.
Rio Tinto’s $4.75 per share offer is due to close on Monday, August 28.
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