TORONTO — Turquoise Hill Resources Ltd. has signed a definitive agreement that will see Rio Tinto acquire the 49 per cent stake in the miner it does not already own.
The deal follows an agreement in principle the companies reached last week.
Under the plan, Rio Tinto will pay $43 per share in cash for the shares in the company it does not already hold.
The Turquoise Hill board unanimously recommended that the company’s minority shareholders vote in favour of the deal.
The agreement requires approval by a two-thirds majority vote by Turquoise Hill shareholders, including Rio Tinto, and the approval of a simple majority of the votes cast by the company’s minority shareholders.
Turquoise Hill owns a 66 per cent stake in the Oyu Tolgoi copper and gold mine in Mongolia. Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity, holds the remaining 34 per cent interest.
This report by The Canadian Press was first published Sept. 6, 2022.
Companies in this story: (TSX:TRQ)
