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Rio has proposed a $3.3 billion deal for Turquoise Hill shares it does not already own, seeking a 66% stake in Oyu Tolgoi in Mongolia, the world’s largest known copper and gold deposits.
Rio raised its offer to C$43-per-share but still faces opposition from multiple parties including Turquoise Hill’s second-largest shareholder Pentwater Capital Management, as well as proxy advisor Institutional Shareholder Services (ISS).
