Geneva DryTelestackCimbriaPort of StocktonTBA GroupVigan
  • Bühler GmbH
  • TMS Awards 2023
  • Port of South Louisiana
  • Geneva Dry
  • TBA Group
  • Vigan

Turquoise Hill transaction Agreement in Principle with Rio Tinto

Turquoise Hill transaction Agreement in Principle with Rio Tinto

(Posted on 01/09/22)

Turquoise Hill Resources Ltd. has announced that it has reached an agreement in principle and entered into a term sheet with Rio Tinto International Holdings Ltd. in respect of a transaction whereby Rio Tinto would acquire the approximately 49% of the issued and outstanding shares of Turquoise Hill that Rio Tinto does not currently own for C$43 per share in cash.

The Transaction is the result of extensive negotiations between the Special Committee of independent directors (the “Special Committee”) of Turquoise Hill and Rio Tinto that took place following the receipt on August 24, 2022 of an improved non-binding proposal from Rio Tinto of C$40 per share. These discussions ultimately culminated in the C$43 per share consideration offered pursuant to the Transaction, which has the unanimous support of the Special Committee.

The purchase price of C$43 per share reflects a:

67% premium to Turquoise Hill’s closing price of C$25.68 per share on March 11, 2022, being the date prior to Rio Tinto’s initial public proposal to acquire Turquoise Hill;

26% increase in the consideration as compared to Rio Tinto’s initial proposal on March 13, 2022 of C$34.00 per share;

8% increase in the consideration as compared to Rio Tinto’s revised proposal on August 24, 2022 of C$40.00 per share; and

19% premium to Turquoise Hill’s closing price of C$36.12 on August 31, 2022.

In approving the entering into of the agreement in principle, the Special Committee took into consideration a variety of factors relevant to determining that the offer price is fair to minority shareholders of the Company.

Maryse Saint-Laurent, Chair of the Special Committee said, “Our discussions with Rio Tinto resulted in material increases from the price first offered by Rio Tinto to the minority shareholders of Turquoise Hill while also ensuring Turquoise Hill’s additional funding needs will be met pending the consideration by shareholders of the proposed Transaction. The Special Committee has diligently considered these and a wide variety of other factors in reaching its determination to unanimously approve entering into the agreement in principle.”

Turquoise Hill Board Chair Peter Gillin said, “I want to thank the members of the Special Committee for their diligence in assessing and evaluating the proposals received from Rio Tinto since March. Also, I want to acknowledge the good faith efforts by Rio Tinto in negotiating with the Special Committee to come to this agreement in principle.”

Latest News

Agreement to set up KEZAD steel recycling and production facility

(Posted on 29/03/24)

The UAE’s largest operator of integrated and purpose-built economic zones, Khalifa Economic Zones... Read more


Senate legislation includes phosphate and potash as critical minerals

(Posted on 25/03/24)

The Fertilizer Institute (TFI) has praised the U.S. Senate for introducing bipartisan legislation to... Read more


Agribusiness expert’s legacy and optimism for GrainCorp’s future

(Posted on 18/03/24)

Farmer, Company Director and long-standing member of the GrainCorp Board of Directors, Dan Mangelsdorf... Read more


Research offers Rotterdam guidelines for raw material transition

(Posted on 15/03/24)

Different product processes, non-fossil raw materials and rare materials are crucial for a CO2-neutral... Read more


Bunge Chevron Ag Renewables to build Louisiana processing plant

(Posted on 10/03/24)

Bunge and Chevron have announced approval of a final investment decision for their joint venture Bunge... Read more


Funding to decarbonise iron ore processing in Labrador West

(Posted on 29/02/24)

The Government of Canada HAS awarded C$18.1 million from its Low Carbon Economy Fund to Rio Tinto&rsquo... Read more


Australia’s biggest renewables deal to repower Gladstone aluminium operations

(Posted on 22/02/24)

Rio Tinto has signed Australia’s largest renewable power purchase agreement (PPA) to date to supply... Read more


BHP half year results released

(Posted on 22/02/24)

Mike Henry, Chief Executive Officer, reviewed the Company's operating and financial performance:&ldquo... Read more


Titan Lithium to set up AED 5 Billion processing plant in KEZAD

(Posted on 14/02/24)

Khalifa Economic Zones Abu Dhabi – KEZAD Group, the largest operator of integrated and purpose... Read more


Australia’s iron ore leaders partner for steel decarbonisation

(Posted on 11/02/24)

Australia’s two largest iron ore producers and its biggest steelmaker have partnered in their... Read more


TMS Awards 2023Port of South LouisianaBühler GmbHSailors SocietyVan Aalst
  • Van Aalst
  • Cimbria
  • Sailors Society

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping