Turquoise Hill Shares Rise Premarket After Rio Tinto Agrees to Buy Company
September 01 2022 - 6:45AM
Dow Jones News
By Adriano Marchese
New York-listed shares of Turquoise Hill Resources Ltd. were
higher in premarket trading on Thursday after terms were agreed for
Rio Tinto PLC to acquire the remaining shares in the miner that it
doesn't already own.
At 5:58 a.m. ET, the shares were trading nearly 14% higher at
$31.23.
Rio Tinto said it would offer 43 Canadian dollars ($33) in cash
to acquire all of the outstanding shares of Turquoise Hill, an
increase over its most recent offer of C$40 a share.
Turquoise Hill, which is 51%-owned by Rio Tinto, has a 66%
interest in the Oyu Tolgoi copper-gold mine in Mongolia, while the
rest is owned by Mongolian government.
Rio Tinto said the C$43-a-share proposal represents its best and
final offer, and that it values the Turquoise Hill minority share
capital at about $3.3 billion. It has also agreed to several new
measures aimed at boosting Turquoise Hill's liquidity in the near
term.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
September 01, 2022 06:30 ET (10:30 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Rio Tinto (NYSE:RIO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rio Tinto (NYSE:RIO)
Historical Stock Chart
From Jul 2023 to Jul 2024