Rio Tinto Purchase of Turquoise Hill Has Shareholder Support

Rio Tinto (NYSE: RIO) has obtained the necessary backing from the investors of Turquoise Hill Resources Ltd. (NYSE: TRQ) for its plan to purchase around 49% of the issued and outstanding shares of Turquoise Hill that it does not own. Rio Tinto’s Chief Executive, Bold Baatar, declared: “We are grateful to the minority shareholders for their support, which is an important step in our acquisition of Turquoise Hill. This transaction will be advantageous for all shareholders and allow us to move forward with the Oyu Tolgoi project in collaboration with the Government of Mongolia using a more straightforward and efficient governance and ownership framework.” The acquisition completion depends on the concluding approval of the Supreme Court of Yukon and is set to be heard on the 14th of December. Should the court pass the transaction, the customary closing procedures will be followed, and it is expected to be finished within a few days.

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