Turquoise Hill delays shareholder meet on $3.3 billion Rio Tinto buyout

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FILE PHOTO: The Rio Tinto mine in Boron, California

(Reuters) – Canadian miner Turquoise Hill Resources Ltd said on Tuesday it would delay by a week to Nov. 8 a special shareholder meeting to vote on a proposed takeover by Rio Tinto Plc following a request from the mining giant.

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).

(Reporting by Ruhi Soni in Bengaluru; Editing by Sriraj Kalluvila)