2nd Nov 2022 08:59
(Alliance News) - Rio Tinto PLC on Tuesday said it reached an agreement with shareholders of Turquoise Hill Resources Ltd regarding its planned acquisition of the 49% share in the mine operator it does not yet own.
Vancouver-based Turquoise Hill Resources owns 66% of the massive Oyu Tolgoi copper-gold mine in Mongolia, with the Mongolian government holding the remaining 34%. Rio currently holds a 51% stake in Turquoise Hill.
On September 6, Rio Tinto reached an agreement with Turquoise Hill on an improved CAD43-per-share, around USD33.00, takeover offer.
On September 12, Pentwater Capital Management, which has topped up its stake in Turquoise to 12%, said it will explore an "exercise of dissent rights or other legal action" in a bid to block Rio's buyout.
Rio Tinto on Tuesday said Pentwater as well as SailingStone Capital Partners LLC, another Turquoise shareholder, have agreed to withhold their votes at the Turquoise special meeting next week Tuesday.
Rio Tinto shares were 0.6% higher at 4,761.50 pence each on Wednesday morning in London.
By Tom Budszus; [email protected]
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