Rio Tinto acquisition of Turquoise Hill receives shareholder support
December 09 2022 - 1:04PM
Business Wire
Rio Tinto has received the required support from Turquoise Hill
Resources Ltd (TSX: TRQ) (NYSE: TRQ) (“Turquoise Hill”)
shareholders for its proposed acquisition of the approximately 49%
of the issued and outstanding shares of Turquoise Hill that it does
not currently own.
Given the transaction is being conducted by way of a Canadian
plan of arrangement, it remains subject to the final approval of
the Supreme Court of Yukon with a hearing scheduled for 14
December. Completion of the acquisition is expected in the days
following court approval, after customary closing procedures.
Rio Tinto Copper Chief Executive Bold Baatar said: “We welcome
the support from minority shareholders, which is a key milestone in
our acquisition of TRQ. This transaction will deliver significant
benefits for all shareholders, and allow us to progress the Oyu
Tolgoi project in partnership with the Government of Mongolia with
a simpler and more efficient governance and ownership
structure.”
Additional disclosures
This press release does not constitute an offer to buy or sell
or the solicitation of an offer to sell or buy any securities. Any
offers, solicitations or offers to buy, or any sales of securities
will be made in accordance with registration and other requirements
under applicable law.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts
included in this release, are forward-looking statements. The words
“intend”, “forecast”, “project”, “anticipate”, “estimate”, “plan”,
“believes”, “expects”, “may”, “should”, “will”, “target”, “pursue”,
“seek” or similar expressions, commonly identify such
forward-looking statements. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Among the
factors that could cause actual results to differ materially
include, but are not limited to, those relating to whether the
Arrangement will be consummated. Rio Tinto expressly disclaims any
obligation or undertaking (except as required by applicable law,
the UK Listing Rules, the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority and the Listing Rules of
the Australian Securities Exchange) to release publicly any updates
or revisions to any forward-looking statement contained herein to
reflect any change in its expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based. All information provided in this press release,
including the forward-looking statements herein, speak only as of
the date of this press release.
This announcement contains inside information.
The person responsible for arranging and authorising the release
of this announcement on behalf of Rio Tinto is Steve Allen, Group
Company Secretary.
LEI: 213800YOEO5OQ72G2R82
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