Rio Tinto Makes $2.7 Billion Bid for Remaining 49% Stake in Turquoise Hill
14 März 2022 - 08:51AM
Dow Jones News
By Jaime Llinares Taboada
Rio Tinto PLC said Monday that it has made a nonbinding proposal
to acquire the remaining 49% shareholding in Turquoise Hill
Resources Ltd., the holding company of the Oyu Tolgoi copper-gold
project in Mongolia.
The mining group said the offer is for 34 Canadian dollars
(US$26.68) in cash a Turquoise Hill share, representing a 32%
premium to the latest closing price and valuing the Turquoise Hill
minority share capital at around $2.7 billion.
Rio Tinto said the offer follows the recent agreement reached
with Turquoise Hill and the government of Mongolia to progress the
development of Oyu Tolgoi and start underground operations.
"The proposed transaction would enable Rio Tinto to work
directly with the government of Mongolia to move the Oyu Tolgoi
project forward with a simpler and more efficient ownership and
governance structure," Chief Executive Jakob Stausholm said.
Turquoise Hill owns 66% of Oyu Tolgoi, with the remaining 34%
held by a Mongolian state-owned entity.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
March 14, 2022 03:36 ET (07:36 GMT)
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