Original article by Nick Evans
The Australian – Page: 20 : 12-Dec-19
Australia’s Takeovers Panel has ruled that Rio Tinto can proceed with its proposal to underwrite Energy Resources of Australia’s entitlement offer, despite the fact that it could result in Rio significantly increasing its stake in the uranium miner. However, the Takeovers Panel also found that Rio Tinto’s underwriting offer was made in "unacceptable circumstances". The Rio deal was opposed by ERA investor Richard Magides, who has a 15.9 per cent stake in the company via Zentree Investments.
RIO TINTO LIMITED – ASX RIO, ENERGY RESOURCES OF AUSTRALIA LIMITED – ASX ERA, AUSTRALIA. TAKEOVERS PANEL, ZENTREE INVESTMENTS