Pentwater weighs legal action over Rio Tinto-Turquoise Hill deal

Pentwater weighs legal action over Rio Tinto-Turquoise Hill deal. miningnews

Pentwater Capital Management LP, the second-largest shareholder of Turquoise Hill Resources Ltd, said on Friday it opposesThe activist investor added that it now owns 11.67% of Turquoise Hill’s shares, after buying a further 1.73% stake on the open market.Rio Tinto agreed on Sept. 1 to take over the 49% stake it doesn’t already own in Turquoise Hill after sweetening an initial offer by around 20% to “a best and final” $3.

“Pentwater expects Turquoise Hill to generate over $10.5 billion CAD of free cash flow through 2030.” Pentwater joins another minority shareholder, SailingStone Capital Partners, in publicly opposing Rio Tinto’s offer as too low.

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