Rio Tinto Scoops Up Majority Stake In Ivanhoe Mines

Law360, New York (January 24, 2012, 6:51 PM EST) -- Mining giant Rio Tinto PLC has upped its stake in Canada's Ivanhoe Mines Ltd. to a majority interest, after Ivanhoe shareholders scrapped a contentious poison pill plan last week, Rio Tinto said Tuesday.

Rio Tinto said it had purchased 15.1 million Ivanhoe shares for 300 million Canadian dollars ($298 million) in a privately negotiated deal with two sellers, raising its stake in Ivanhoe from 49 percent to 51 percent. The move was widely expected after Ivanhoe decided Jan. 18 to drop its poison pill plan —...
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