News: Rutila Resources receives compulsory takeover from The Todd Corporation

Rutila Resources (ASX:RTA) will soon be suspended from quotation on the ASX after The Todd Corporation moved to compulsorily acquire shares in RTA it does not already own.

Todd has a 94.64% in Rutila as at 17th July 2015 through its off-market takeover bid priced at $0.30 in cash.

Family owned Todd Corporation is one of New Zealand’s largest and most successful companies with interests in oil and gas exploration and production, minerals, electricity generation, energy retailing, property development, healthcare, telecommunications, technology and wine.

Rutila is developing the Balla Balla Iron Ore Project, which will require about $2 billion of capital (Rutila share $1.4 billion) to reach production.