Deals
Ivanhoe Mines to Scrap Rights Plan as Rio Seeks Larger Stake
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Ivanhoe Mines Ltd. decided to scrap a so-called shareholder rights plan, clearing the way for Rio Tinto Group to increase its stake and gain control of the developer of the Oyu Tolgoi copper mine in Mongolia.
Ivanhoe will recommend investors vote to end the rights plan at its annual meeting on May 11, the Vancouver-based company said yesterday in a statement. Rio has been restricted to holding a 49 percent stake in Ivanhoe by a standstill agreement, which was set to expire yesterday, Ivanhoe said.