Turquoise Hill: Rio Tinto Deal Seems Likely To Close, Spread Remains Wide


  • Rio Tinto signed a material definitive agreement to acquire an additional 15% of outstanding shares of Turquoise Hill Resources.
  • The deal type and state of the negotiations are indicating the odds of a successful close are high.
  • There is still 6.5% upside to the deal price while it could potentially close within the next quarter.
  • This idea was discussed in more depth with members of my private investing community, Special Situation Report. Learn More »

La Cour Rio Tinto sign at their office in Montreal, QC, Canada.


Turquoise Hill Resources Ltd. (NYSE:TRQ) has signed a definitive merger agreement with Rio Tinto Group (RTPPF, RTNTF, RIO,). Rio is buying out the remaining minority shareholders (except the Mongolian government, which will hang on to a 34% stake) at

Data by YCharts

Oyu Tolgoi Mine vaue to Mongolia

Oyu Tolgoi Mine vaue to Mongolia (Rio Tinto)

I write the Special Situation Report. I look at special situations like spin-offs, share repurchases, rights offerings and a lot of M&A events. The point is to make money with risks under control. Check it out here. Follow me on Twitter here 

This article was written by

Bram de Haas profile picture
Special-Situation And Event-Driven Ideas To Improve Risk Adjusted Returns
15 years of investing and I feel like a rookie in his first year at the academy. My roots are in the value school but over time I've learned to respect different approaches. I'm interested in what quants do, options traders do, and even what WallStreetBets is doing (keep your friends close and...)

I gravitate towards special-situations. That means situations around companies or the market where the price can move in a certain direction based on a specific event or ongoing event. This eclectic and creative style of investing seems to suit my personality and interests most closely.

Since 2020 I host a podcast/videocast where I discuss (special-situation/event-driven) market events and investment ideas with top analysts, portfolio managers, hedge fund managers, experts, and other investment professionals. I highly recommend it (pick episodes around topics that interest you) for the amazing guests that come on with regularity.

I've been writing for Seeking Alpha since 2013 after playing p0ker professionally. In 2018 I founded Starshot Capital B.V. A Dutch AIF manager. Follow me on Twitter @Bramdehaas or email me Dehaas.Bram at Gmail

Analyst’s Disclosure: I/we have a beneficial long position in the shares of TRQ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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