(Reuters) -Miner Rio Tinto on Wednesday raised its offer to buy about 49% of Canada’s Turquoise Hill Resources it does not already own to $3.1 billion.
Rio Tinto also said miner Turquoise’s minority shareholders will receive C$40 ($31) per share.
Turquoise last week rejected an offer by Rio Tinto for $2.7 billion, saying the majority shareholder’s proposal did not reflect the Canadian company’s full and fair value.
“Rio Tinto believes this offer not only provides full and fair value for Turquoise Hill shareholders, but is in the best interests of all stakeholders as we work to move the Oyu Tolgoi project forward,” Rio Tinto Chief Executive Jakob Stausholm said on Wednesday.
($1 = 1.30 Canadian dollars)
(Reporting by Sinchita Mitra and Yadarisa Shabong in Bengaluru; Editing by Maju Samuel)
