Reuters reported Rio Tinto (NYSE:RIO) is unlikely to walk away from a bidding war for uranium developer Hathor Exploration (TSX:HAT).

As quoted in the market news:

Cameco, Canada’s largest uranium miner, raised its offer for Hathor by 20 percent to C$4.50 a share, topping a friendly bid from Rio Tinto at C$4.15.

Given that Rio Tinto had been in talks with Hathor since early 2010, investors expect Rio Tinto is eager to take over the company and would have a bit more up its sleeve to top Cameco, especially since the target is not large.

Click here to read the full Reuters report.