Rio Takeover of Giant Copper Mine Opposed by Top Investor
- Pentwater Capital rejects takeover offer of Turquoise Hill
- Fund manager owns 12% stake in Canada miner with Mongolia mine
An open pit is seen at the Oyu Tolgoi copper-gold mine in the South Gobi desert of Mongolia
Photographer: Taylor Weidman/BloombergThis article is for subscribers only.
A top investor in Turquoise Hill Resources Ltd. is opposing a proposed takeover by Rio Tinto Plc, arguing the purchase price undervalues the company that’s behind one of the world’s largest copper mines.
Rio Tinto agreed last week to buy out the stake in Turquoise Hill it didn’t already own in a deal valued at about $3.3 billion, giving it more control of the Oyu Tolgoi mine it’s developing in Mongolia.