Turquoise Hill Shares Rise Premarket After Rio Tinto Agrees to Buy Company

By Adriano Marchese

New York-listed shares of Turquoise Hill Resources Ltd. were higher in premarket trading on Thursday after terms were agreed for Rio Tinto PLC to acquire the remaining shares in the miner that it doesn't already own.

At 5:58 a.m. ET, the shares were trading nearly 14% higher at $31.23.

Rio Tinto said it would offer 43 Canadian dollars ($33) in cash to acquire all of the outstanding shares of Turquoise Hill, an increase over its most recent offer of C$40 a share.

Turquoise Hill, which is 51%-owned by Rio Tinto, has a 66% interest in the Oyu Tolgoi copper-gold mine in Mongolia, while the rest is owned by Mongolian government.

Rio Tinto said the C$43-a-share proposal represents its best and final offer, and that it values the Turquoise Hill minority share capital at about $3.3 billion. It has also agreed to several new measures aimed at boosting Turquoise Hill's liquidity in the near term.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

September 01, 2022 06:30 ET (10:30 GMT)

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