Bloomberg: Rio Gains Majority Stake in Ivanhoe After Poison Pill Scrapped

Rio Tinto Group raised its stake to a 51 percent majority in Ivanhoe Mines Ltd., the owner of the $6 billion Oyu Tolgoi copper and gold mine in Mongolia, after buying C$302 million ($299 million) of stock from two sellers. Rio paid C$20 apiece for 15.1 million shares, a 2 percent stake, and has no “current intention” of buying more stock, the London-based company said yesterday in a statement. “However, Rio Tinto reserves its right to seek opportunities to purchase additional securities” depending on a range of factors including its view of Ivanhoe’s business, the market for the stock as well as general economic and tax conditions, it said. To read the full article, click hereRio Gains Majority Stake in Ivanhoe After Poison Pill Scrapped

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