Rio Tinto: Independent Arbitrator Upholds Claim Against Ivanhoe Mines
December 13 2011 - 7:09AM
Dow Jones News
Rio Tinto PLC (RIO.LN), the miner, Tuesday announced that an
independent arbitrator has upheld Rio Tinto's claim in respect of
Ivanhoe Mines' Shareholder Rights Plan, or SRP.
MAIN FACTS:
-This means that after a standstill agreement expires on Jan.
18, 2012, Rio Tinto has the ability to purchase additional shares
in Ivanhoe beyond its current holding of 49 per cent without being
diluted by the SRP.
-As part of the decision, the arbitrator dismissed Ivanhoe's
counterclaim and ruled that Rio Tinto did not breach the Private
Placement Agreement with Ivanhoe.
-From Jan. 19, 2012, Rio Tinto will no longer be subject to a
standstill agreement with Ivanhoe.
-Thereafter, depending upon its assessment of Ivanhoe's
business, prospects and financial condition, the market for
Ivanhoe's shares, general economic and tax conditions and other
factors, Rio Tinto may seek opportunities to increase its
shareholding in Ivanhoe to a majority position but currently has no
intention of making a full takeover bid for Ivanhoe's shares.
-Rio Tinto reserves the right to change its intention in the
future.
-Rio Tinto shares at 1136 GMT up 1.7% at GBP31.7 valuing the
company at GBP44.9 billion.
-By Jana Weigand, Dow Jones Newswires; 44-20-7842-9314;
jana.weigand@dowjones.com
Ivanhoe Mines (NYSE:IVN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ivanhoe Mines (NYSE:IVN)
Historical Stock Chart
From Jul 2023 to Jul 2024