Financial Post: Rio Tinto takes majority stake in Ivanhoe

For the first time in recent memory, a creeping takeover in Canada has succeeded. Rio Tinto Ltd. announced Tuesday it has done the inevitable, boosting its stake in Ivanhoe Mines Ltd. to 51% from 49% and seizing control of the Vancouver-based miner. Rio Tinto can now force changes to the Ivanhoe board of directors, and a source said it might happen after Rio conducts a strategic review of the company. Creeping takeovers in Canada are extremely rare, particularly because target companies can block them with shareholder-rights plans (or “poison pills”). M&A lawyers said this is the first case they can recall in many years in which one large company got control of another without making an offer to all shareholders. To read the full article, click hereRio Tinto takes majority stake in Ivanhoe

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