News: RIO Rio Tinto Provides Update On Transaction With Turquoise Hill Resources

Nov 18 (Reuters) - RIO TINTO (RIO) :

• RIO TINTO - NOW AGREED TO TERMINATE AGREEMENTS WITH NAMED SECURITYHOLDERS
• RIO TINTO - PROPOSED TRANSACTION TO BUY ABOUT 49% OF ISSUED AND OUTSTANDING SHARES OF TURQUOISE HILL FOR C$43.00 PER SHARE WILL PROCEED
• RIO TINTO - NO ASSURANCE ANY OF NAMED SECURITYHOLDERS WILL CONTINUE TO WITHHOLD THEIR VOTE OR WHETHER ANY OF THEM WILL VOTE FOR OR AGAINST ARRANGEMENT
• RIO TINTO - ALL MINORITY SHAREHOLDERS OF TURQUOISE WILL HAVE ACCESS TO SAME DISSENT RIGHTS & STATUTORY PROCESS VIA YUKON COURTS FOR CO'S PROPOSED DEAL
• RIO TINTO - CONFIRMS THERE IS NO FLOOR OR MINIMUM TO DETERMINATION OF "FAIR VALUE" UNDER ANY DISSENT PROCEEDINGS
• RIO TINTO - NO ASSURANCE THAT DISSENTING SHAREHOLDERS WILL RECEIVE FULL C$43.00 FOR THEIR SHARES
• RIO TINTO - INTENDS TO VIGOROUSLY DEFEND ALL PROCEEDINGS AND CLAIMS
• RIO TINTO - CONFIRMS IT HAS NO OTHER AGREEMENT, COMMITMENT OR UNDERSTANDING WITH ANY OF NAMED SECURITYHOLDERS
• RIO TINTO - CONTINUING TO WORK TOWARDS COMPLETION OF PROPOSED TRANSACTION
• RIO TINTO - WILL WORK WITH TURQUOISE HILL SPECIAL COMMITTEE TO SECURE A NEW SHAREHOLDER MEETING DATE
• RIO TINTO LTD - HAS BEEN NEGOTIATING WITH THE SPECIAL COMMITTEE OF TURQUOISE HILL ON COMPARABLE PROVISIONS FOR OTHER MINORITY SHAREHOLDERS
• RIO TINTO LTD - NOTWITHSTANDING PARTIES BEST EFFORTS, NEGOTIATIONS HAVE BEEN UNSUCCESSFUL

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