The situation took a turn for the worst earlier this month, after a Canadian top securities regulator decided to review the transaction, following a side deal between Rio Tinto and dissident shareholders.
Turquoise Hill said Quebec’s Autorité des marchés financiers (AMF) has cleared the transaction and that its board has repeated its unanimous recommendation to minority shareholders to vote for the sweetened offer.
Rio Tinto initially offered C$34 a share in March this year, but increased it to C$43 per share in cash in August. That was a more than 19% premium to the stock’s end-of-August closing price and a 67% premium from the day before the initial offer was made.
The Australian mining giant has had a rocky relationship with Turquoise Hill, particularly over how to fund Oyu Tolgoi’s expansion. The mining giant has also drawn criticism from some of Turquoise Hill’s minority shareholders about the control it…
