Rio Tinto (ASX, LON: RIO) has inked a definitive arrangement with Turquoise Hill Resources (TSX: TQR) to buy the 49% of the Canadian miner it doesn’t already own for $3.3 billion.
The global miner noted Turquoise Hill’s board had unanimously recommended the C$43 per share cash offer and said it would not increase bid despite pressure from minority shareholders.
Rio said that senior officers of Turquoise Hill have entered into voting support agreements with respect to all of the Turquoise Hill shares they own or control.
“After extensive negotiations, the terms of the transaction are final and there will be no further price increase,” Rio Tinto’s chief executive Jakob Stausholm said in the statement.
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