Turquoise Hill’s fifth largest investor to reject Rio Tinto’s takeover bid – by Cecilia Jamasmie (Mining.com – October 14, 2022)


Sailingstone Capital Partners, the fifth-biggest investor in Turquoise Hill Resources (TSX: TQR) said on Friday it will vote against Rio Tinto’s (ASX, LON: RIO) intended $3.3 billion takeover of the Canadian miner, in a shareholder meeting on Nov. 1.

The activist investor said that Rio’s bid not only undervalues the target, but it also intends to take advantage of the “material governance failures” created by independent directors of both mining companies over the last decade.

Sailingstone, a US-based fund manager specializing in resources companies that has a 2.2% stake in Turquoise Hill, had already said it considered the offer too low and “opportunistic”.

Rio Tinto announced on Sep.1 it had reached an agreement after six months of takeover talks to buy the 49% of the Canadian miner it didn’t already own for a figure about 20% higher than the original $2.7 billion bid, made in August.

For the rest of this article: https://www.mining.com/turquoise-hills-fifth-largest-investor-to-reject-rio-tintos-bid/