Rio Tinto Group’s US$2.7 billion offer to buy out Turquoise Hill Resources has been rejected, blocking its efforts to gain greater control of a giant copper mine it’s developing in Mongolia.
Rio’s offer doesn’t “fairly reflect the fundamental and long-term strategic value of the company’s majority ownership of the Oyu Tolgoi project,” Turquoise Hill said Monday, after appointing a special committee to review the bid.
Rio said in a statement that it was disappointed by the decision of the special committee and reiterated its proposal to buy Turquoise Hill. The offer would deliver “compelling value” for minority investors, it said. Earlier this year, Rio struck a deal with the government to start work on a long-delayed US$6.9 billion underground expansion of Oyu Tolgoi after agreeing to write off US$2.4 billion owed by the state.
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