Družba Rio Tinto je 14. marca objavila, da je dala nezavezujoč predlog upravnemu odboru Turquoise Hill za nakup približno 49 odstotkov odprtih delnic Turquoise Hill, ki jih še nima v lasti. Manjšinski turkizni delničarji Hilla bodo prejeli delnico C 34 v gotovini, kar je 32-odstotna premija na zadnjo končno ceno, v skupni vrednosti 2,7 milijarde ameriških dolarjev.
The proposed deal follows a comprehensive agreement recently reached between Rio Tinto, Turquoise Mountain and the Mongolian government to advance the OT project, reset the relationship between the partners and approve the start of underground operations. It will simplify the ownership structure of the Oyu Tolgoi (OT) project, in order to create a more effective ownership and governance structure, strengthen Rio's copper portfolio and strengthen its long-term commitment to Mongolia, while giving minority shareholders the ability to develop underground operations while the inherent uncertainties remain. To achieve convincing, immediate and certain value for its shares. If the proposed deal is completed, Rio would own 66 per cent of the OT project, with Mongolia owning the remaining 34 per cent.
The OT mine is one of the largest known copper and gold deposits in the world and one of Rio's most important assets, producing nearly 500,000 tonnes of copper a year when the expansion is completed.
JakobStausholm, izvršni direktor Ria, je dejal:
"Rio Tinto firmly believes in the long-term success of OT and Mongolia and is committed to all stakeholders for the long term. That is why we are increasing our stake in OT, simplifying the ownership structure and further strengthening Rio's copper portfolio. We believe the terms of the proposal are attractive to Turquoise Hill shareholders.
"The proposed transaction will enable Rio Tinto to work directly with the Mongolian government to advance the OT project with a simpler and more efficient ownership and governance structure. This transaction demonstrates our clear and unambiguous long-term commitment to Mongolia as our relationship resets and underground operations begin."
Rio tinto je dejal, da se veseli konstruktivnega sodelovanja z upravnim odborom Turquoise Hill za napredovanje predlagane transakcije. Če vlagatelji turkiznega Hilla ne bodo sprejeli predlagane transakcije, jih Rio pozdravlja, da še naprej vlagajo in si enakovredno delijo prihodnja tveganja in obveznosti financiranja.
Rio ima v lasti približno 51 odstotkov Turquoise Mountain in ima pravice proti-razredčitvi, ki mu omogočajo pridobitev dodatnih delnic Turquoise Mountain, da občasno ohrani svoj delež. Med Rio tinto in Turquoise Mountain ni bil dosežen dogovor in ni nobenega zagotovila, da bo iz teh razprav nastala kakšna transakcija. Transakcija bo predmet običajnih zaključnih pogojev in mora biti odobrena z glasovi (I) 66 2/3 odstotkov ali več imetnikov delnic Turquoise Hill in (ii) večine manjšinskih delničarjev Turquoise Hill, ki glasujejo na sestanek za vsako delnico.
Omeniti velja, da čeprav je Rio Tinto absolutni večinski lastnik Turquoise Hilla, interesi obeh niso povsem enaki in sta zaradi širitve rudnika OT vložila celo tožbo. Aprila lani sta se po vrsti sodnih postopkov in pogajanj Rio tinto in Turquoise Mountain dogovorila o načrtu financiranja za širitev, ki bo obravnaval preostale znane potrebe po financiranju v višini približno 2,3 milijarde na podlagi memoranduma o soglasju, podpisanega leta 2020. Stranki dogovorita, da bosta na pravični podlagi skupaj pridobila sklep o preklicu arbitraže in odredbe o začasnih ukrepih.
Pentwater Capital, a US activist investor that owns 9 per cent of Turquoise Mountain, accused Rio of hiding the true cause of the project's delays, increased its budget from 5.3bn to 6.45bn and filed a class-action lawsuit demanding damages.
In January, Pentwater wrote to a Rio board member arguing that Rio's corporate governance had continued to fail. Rio tinto said its directors would not comment. Pentwater has not commented on how it intends to vote on the proposed deal.
