Rio Tinto defers Turquoise Hill special vote
Wednesday, November 2nd, 2022
Rio Tinto has delayed a special shareholder meeting to vote on its proposed takeover of Canadian miner Turquoise Hill Resources.
Rio has proposed a $3.3 billion deal for Turquoise Hill shares it does not already own, seeking a 66 per cent stake in Oyu Tolgoi in Mongolia, the world’s largest known copper and gold deposits.
The mining giant raised its offer to C43 cents per share but still faces opposition from multiple parties, including Turquoise Hill’s second-largest shareholder Pentwater Capital Management, as well as proxy advisor Institutional Shareholder Services (ISS).
Turquoise Hill has agreed to postpone the special meeting by a week, until Tuesday, November 8.
Under the agreements, Pentwater and ISS have agreed to withhold their votes at the special meeting and exercise their dissent rights.
The parties have also agreed that the dissent proceedings and certain other claims will be conducted by arbitration.