https://www.miningweekly.com

Rio Tinto reiterates $3.3bn offer for Turquoise Hill after ISS recommends against deal

25th October 2022

By: Reuters

  

Font size: - +

Rio Tinto reiterated its offer to buy out Canadian miner Turquoise Hill Resources for $3.3-billion, a day after proxy advisor Institutional Shareholder Services (ISS) recommended voting against the deal.

In a letter addressed to Turquoise Hill shareholders, Rio Tinto said ISS's final conclusion is based on "flawed logic".

Rio agreed last month to buy the 49% Turquoise Hill stake it does not already own for a "best and final" proposal of C$43 per share, after raising its offer twice, as the mining giant sought a 66% stake in Oyu Tolgoi in Mongolia, the world's largest known copper and gold deposits.

ISS on Monday had recommended Turquoise Hill shareholders to vote "against" the deal, joining the Canadian miner's second-largest shareholder, Pentwater Capital Management, in saying "the offer does not represent a suitable value for shareholders".

Turquoise Hill's shares were down 1.5% at C$37.59.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
SafeQuip
SafeQuip

SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.046 0.733s - 110pq - 2rq
Subscribe Now