Rio Tinto's Offer to Take Over Giant Copper Mine Is Rebuffed [Financial Post (Toronto, Ontario, Canada)]
Turquoise Hill Resources Ltd. Ordinary Shares (TRQ)
US:NYSE Investor Relations:
turquoisehill.com/s/investors.asp
Company Research
Source: Financial Post
(Bloomberg) — Rio Tinto Group’s $2.7 billion offer to buy out Turquoise Hill Resources has been rejected, blocking its efforts to gain greater control of a giant copper mine it’s developing in Mongolia. Advertisement Rio’s offer doesn’t “fairly reflect the fundamental and long-term strategic value of the company’s majority ownership of the Oyu Tolgoi project,” Turquoise Hill said Monday, after appointing a special committee to review the bid. The rejection is a setback for Rio Chief Executive Officer Jakob Stausholm, who has prioritized getting stalled projects moving, while rebuilding the company’s reputation after a series of missteps. Rio owns 51% of Turquoise Hill, which in turn holds a two-thirds share in Oyu Tolgoi. Rio said in a statement that it was disappointed by the decision of the special committee and reiterated its proposal to buy Turquoise Hill. The offer would deliver “compelling value” for minority investors, it said. The miner is also looking to increase its exp
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