Rio Tinto Enters Binding Agreement to Acquire Turquoise Hill
September 05 2022 - 11:02PM
Dow Jones News
By Stuart Condie
SYDNEY--Rio Tinto PLC said it has entered a binding agreement
with Turquoise Hill Resources Ltd. to acquire the remaining shares
in the Mongolia-focused copper miner that it doesn't already
own.
Rio Tinto said Turquoise Hill's independent directors had
unanimously recommended its cash offer of 43.00 Canadian dollars
(US$32.72) per share for all outstanding shares. It previously
offered C$40.00 per share.
Turquoise Hill, which is 51%-owned by Rio Tinto, has a 66%
interest in the Oyu Tolgoi copper-gold mine in Mongolia.
Rio Tinto expects Turquoise Hill shareholders to vote on the
offer in the December quarter and to close the transaction shortly
after.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
September 05, 2022 22:47 ET (02:47 GMT)
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