Business Maverick: Rio Tinto’s Offer to Take Over Giant Copper Mine Is Rebuffed

Rio’s offer doesn’t “fairly reflect the fundamental and long-term strategic value of the company’s majority ownership of the Oyu Tolgoi project,” Turquoise Hill said Monday, after appointing a special committee to review the bid. Shares of the Canadian miner had their biggest drop in more than eight months.

Rio said in a statement that it was disappointed by the decision of the special committee and reiterated its proposal to buy Turquoise Hill. The offer would deliver “compelling value” for minority investors. Copper equities have shed about 27% over the period since the bid was announced and are now trading within a 5% valuation range to Turquoise Hill, Morgan Stanley analysts including Alain Gabriel said Monday in a note.Rio is also looking to increase its exposure to so-called future facing commodities, the natural resources such as copper and nickel that are key for the green energy transition. Taking a big stake in the Oyu Tolgoi mine was an obvious way to achieve that goal.

I wish everyone can be like you Lisa, I haven't lost since you have been managing my trading account, I love you so much LisaMarkdona2

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Stocks pare gains amid China data rate cut: markets wrapInvestors on Monday evaluated a surprise interest-rate cut by China to shore up an economy struggling with a property-sector slowdown and Covid-linked restrictions.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Cartoon Tuesday with RicoBusiness Maverick: Cartoon Tuesday with Rico
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: World embraces dirtier fuels as gas hits exorbitant heightsWith high natural gas prices showing no signs of abating and supplies becoming harder to obtain, cheaper and dirtier alternatives to the fuel are looking increasingly tempting for energy-hungry buyers.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Russia unplugs foes, rewards friends in latest market rebootNearly six months after Russia was evicted from much of global finance over the invasion of Ukraine, it’s going it alone by devising a two-tier system severed from adversaries.
Source: dailymaverick - 🏆 3. / 84 Read more »