Shareholders of Turquoise Hill Resources (TRQ) have approved a $4.24 billion takeover offer from Rio Tinto Group (RIO).
The shareholder approval clears the way for London-based miner Rio Tinto to gain control of Canada’s Turquoise Hill Resources, which owns one of the world’s biggest copper mines.
About 60.5% of Turquoise Hill’s minority investors voted in favor of Rio Tinto’s $43-a-share offer at a shareholder meeting held in Montreal on December 9.
Rio Tinto has said that it wants to acquire Turquoise Hill Resources to secure majority ownership of the company’s massive Oyu Tolgoi copper mine in Mongolia.
The takeover required approval from two-thirds of Turquoise Hill investors, including Rio Tinto, which holds a 51% stake. That approval has now been secured.
Turquoise Hill Resources said it expects the takeover to be concluded by December 16 of this year.
Rio Tinto’s stock is up 17% this year at $116.35 a share. Turquoise Hill Resources’ stock is up 108% in 2022 and currently trading at $42.93 per share.
