Rio Gains Majority Stake in Ivanhoe After Poison Pill Scrapped

Rio Tinto Group raised its stake to a 51 percent majority in Ivanhoe Mines Ltd., the owner of the $6 billion Oyu Tolgoi copper and gold mine in Mongolia, after buying C$302 million ($299 million) of stock from two sellers.

Rio paid C$20 apiece for 15.1 million shares, a 2 percent stake, and has no “current intention” of buying more stock, the London-based company said yesterday in a statement.