Hancock proves successful in Riversdale bid

Australian iron-ore major Hancock Prospecting has gained a shareholding of more than 85% in Canadian takeover target Riversdale Resources, triggering an increased offer price.

Hancock earlier this week increased its cash offer for the unlisted Canadian coal company from A$2.20 a share to A$2.70 a share, conditional on the company achieving an interest of more than 85% in Riversdale.