By Ian Walker
Rio Tinto PLC on Wednesday raised its takeover proposal for Turquoise Hill Resources Ltd. by 18%, valuing the Canadian-listed company at US$3.1 billion.
Under the latest proposal accepting Turquoise Hill Resources shareholders will get 40 Canadian dollars (US$30.87) for each share held, up from Rio's previous offer of $34 a share, which was rejected by the Canadian Company.
Turquoise Hill, which is 51%-owned by Rio Tinto, has a 66% interest in the Oyu Tolgoi copper-gold mine in Mongolia.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
08-24-22 0910ET