Completion of the acquisition is expected in the days following court approval, after customary closing procedures
Rio Tinto receives shareholder support for acquisition of Turquoise Hill. (Credit: omid roshan on Unsplash)
Rio Tinto has received the required support from Turquoise Hill Resources Ltd (TSX: TRQ) (NYSE: TRQ) (“Turquoise Hill”) shareholders for its proposed acquisition of the approximately 49% of the issued and outstanding shares of Turquoise Hill that it does not currently own.
Given the transaction is being conducted by way of a Canadian plan of arrangement, it remains subject to the final approval of the Supreme Court of Yukon with a hearing scheduled for 14 December. Completion of the acquisition is expected in the days following court approval, after customary closing procedures.
Rio Tinto Copper Chief Executive Bold Baatar said: “We welcome the support from minority shareholders, which is a key milestone in our acquisition of TRQ. This transaction will deliver significant benefits for all shareholders, and allow us to progress the Oyu Tolgoi project in partnership with the Government of Mongolia with a simpler and more efficient governance and ownership structure.”
Source: Company Press Release