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Turquoise Hill delays Rio Tinto vote indefinitely

10th November 2022

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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Canada-based Turquoise Hill has again delayed the special meeting of shareholders to vote on the proposed $3.3-billion takeover by majority shareholder Rio Tinto.

The meeting was scheduled for November 15, but has now been postponed to “a date to be determined”.

The postponement came as the Autorité des marchés financiers (the AMF) is investigating whether the transaction, as currently structured, raises public interest concerns.

Minority shareholder CaravelCapital Investments believes the agreement between Rio Tinto, Pentwater Capital Management and SailingStone Capital Partners gives dissidents preferential treatment over smaller holders.

Turquoise Hill said that a special committee had been engaged with Rio Tinto in order to address the differential treatment of minority shareholders resulting from the agreements.

The shareholders meeting to approve Rio Tinto acquiring 49% of Turquoise Hill that it does not own, has been postponed several times. It was originally scheduled for November 1, but was postponed to November 8, then to November 15 and now indefinitely.

Edited by Creamer Media Reporter

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