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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (168247)	11/1/2022 1:45:55 PM
From: LoneClone	Read Replies (1) \| Respond to of 195617

Turquoise Hill's $3.1 Billion Takeover in Doubt as Rio Requests Vote Delay ca.finance.yahoo.com Jacob Lorinc and Thomas Biesheuvel Tue, November 1, 2022 at 7:52 a.m.·2 min read (Bloomberg) -- Turquoise Hill Resources Ltd. postponed a special shareholders meeting on Rio Tinto Group’s takeover at the request of the London-based mining giant, which is looking to buy more time to win support for the $3.1 billion deal. Turquoise Hill rescheduled the meeting to Nov. 8, the Montreal-based company said Tuesday in a statement that came out about half an hour before investors were set to gather in Montreal to consider the transaction. The delay raises doubts about Rio’s bid to gain control of one of the world’s biggest copper mines. The delay comes weeks after Sailingstone Capital Partners LLC and Pentwater Capital Management, both large investors in Turquoise Hill, balked at Rio’s offer, saying that it undervalued the company. Institutional Shareholder Services Inc. echoed that view, while advisory firm Glass Lewis & Co. recommended investors support the transaction in part due to “significant near-term financing risks” faced by Turquoise Hill. Rio offered Turquoise Hill shareholders C$43 a share to acquire the 49% of the Canadian miner it doesn’t already own, in a deal valued at about C$4.24 billion. At stake is Rio’s control of Mongolia’s massive Oyu Tolgoi project, which is expected to become the world’s fourth-largest copper mine. Rio Tinto has repeatedly said it will not sweeten its terms for the Canadian miner, with Chief Executive Officer Jakob Stausholm making it clear in September that this was the company’s final offer. The vote required two-thirds approval of all votes from Turquoise Hill shareholders, including Rio Tinto, and approval of a simple majority of votes from minority shareholders. US-listed shares of Turquoise Hill rose 6.4% to $29.91 at 10:50 a.m. in New York, equal to C$40.51. Rio Tinto rose 4.7% in London, on par with a wider rise in mining stocks.