Skip to content
live

Turquoise Hill shareholders approve $4.24 billion Rio Tinto takeover deal

MONTREAL — Turquoise Hill Resources Ltd. shareholders have given their support to a $4.24 billion takeover offer by Rio Tinto Group. The Montreal-based mining company says 60.
20221209141248-a5d2ad753ac38e6a8d59624c58a6fca7740b98901b87e8bd65bb5dd828ad7b39
The corporate logo of Turquoise Hill Resources Ltd. (TSX:TRQ) is shown. THE CANADIAN PRESS/HO *MANDATORY CREDIT*

MONTREAL — Turquoise Hill Resources Ltd. shareholders have given their support to a $4.24 billion takeover offer by Rio Tinto Group.

The Montreal-based mining company says 60.5 per cent of minority shareholders voted in favour of the deal and overall, the agreement got 87 per cent support.

The arrangement required the approval of a little more than 66 per cent of votes cast by the shareholders, including Rio Tinto, and the approval of a simple majority of the votes cast by minority shareholders, excluding Rio Tinto and its affiliates.

Investors holding roughly 17.5 per cent of all outstanding shares dissented.

Under the deal, Rio Tinto International Holdings Limited would acquire about 49 per cent of Turquoise Hill shares Rio Tinto and its affiliates do not currently own for $43 per share.

Following the filing of an application to approve the deal in a Yukon court on Dec. 14, Turquoise Hill expects the deal to be complete on Dec. 16.

This report by The Canadian Press was first published Dec. 9, 2022.

Companies in this story: (TSX:TRQ)

The Canadian Press

Rogers Sports & Media
2001 Thurston Drive Ottawa, ON, K1G 6C9
© 2006-2023 Rogers Sports & Media. All rights reserved.
push icon
Be the first to read breaking stories. Enable push notifications on your device. Disable anytime.
No thanks