Rio Tinto share price higher amid Turquoise takeover setback
$Rio Tinto Ltd (RIO.AU)$ share price is climbing from the open today and is currently up 2.26% at $109.33.
Rio has been in the headlines lately regarding its proposed acquisition of Turquoise Hill. This would bring its stake in a Mongolian copper operation to 66%.
One of Turquoise Hill’s major investors, SailingStone Capital Partners, has voiced its concerns over the proposed deal, saying it is “highly opportunistic”, according to reporting from The Australian.
The firm owns a 2.4% stake in Turquoise, and is reportedly unsatisfied with the deal’s particulars, believing Rio has valued the company too low.
“An additional premium to compensate minority shareholders for losing access to an asset of this quality seems eminently reasonable,” SailingStone reportedly said in an open letter to the company’s management.
SailingStone reckons the mining giant can cough up way more than what it is offering – a C$32 per share deal to buy the remaining 49% it does not already own – due to its performance lately.
Rio has been in the headlines lately regarding its proposed acquisition of Turquoise Hill. This would bring its stake in a Mongolian copper operation to 66%.
One of Turquoise Hill’s major investors, SailingStone Capital Partners, has voiced its concerns over the proposed deal, saying it is “highly opportunistic”, according to reporting from The Australian.
The firm owns a 2.4% stake in Turquoise, and is reportedly unsatisfied with the deal’s particulars, believing Rio has valued the company too low.
“An additional premium to compensate minority shareholders for losing access to an asset of this quality seems eminently reasonable,” SailingStone reportedly said in an open letter to the company’s management.
SailingStone reckons the mining giant can cough up way more than what it is offering – a C$32 per share deal to buy the remaining 49% it does not already own – due to its performance lately.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
