Rio Tinto sweetens buyout offer for Turquoise Hill Resources
2022.08.24 16:42
FILE PHOTO: The Rio Tinto logo is displayed on a visitor’s helmet at a borates mine in Boron, California, U.S., November 15, 2019. REUTERS/Patrick T. Fallon/File Photo
(Reuters) -Miner Rio Tinto (NYSE:RIO) on Wednesday raised its offer to buy about 49% of Canada’s Turquoise Hill Resources (NYSE:TRQ) it does not already own to $3.1 billion.
Rio Tinto also said miner Turquoise’s minority shareholders will receive C$40 ($31) per share.
Turquoise last week rejected an offer by Rio Tinto for $2.7 billion, saying the majority shareholder’s proposal did not reflect the Canadian company’s full and fair value.
“Rio Tinto believes this offer not only provides full and fair value for Turquoise Hill shareholders, but is in the best interests of all stakeholders as we work to move the Oyu Tolgoi project forward,” Rio Tinto Chief Executive Jakob Stausholm said on Wednesday.
($1 = 1.30 Canadian dollars)
