Rio Tinto to purchase parts of stake in Mongolia's Oyu Tolgoi
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Update time : 2022-11-04 17:24:44
Rio Tinto, Pentwater Capital Management, and SailingStone Capital Partners will vote on the special shareholder meeting to acquire 49% of the outstanding shares of Turquoise Hill Resources and have reached an agreement with some of its related funds and entities.
Rio Tinto proposed a US$3.3 billion purchase of Turquoise Hill shares it does not already own, aimed at acquiring a 66% stake in Mongolia's Oyu Tolgoi.
Oyu Tolgoi is one of the largest known copper-gold mines in the world.
Rio Tinto agrees to dissent condition under the agreement from 12.5% to 17.5% of Turquoise Hill shares issued and outstanding.
The parties agree that the shareholders shall be paid C$34.40 of the consideration following the completion of the arrangement.
Rio Tinto reconfirms C$43 per share proposal is the final decision.
