Rio Tinto has come out with the upper hand against its potential takeover target, $16 billion Ivanhoe Mines Ltd, with an arbitrator ruling the global miner is immune to Ivanhoe's "poison pill".The ruling effectively spoils the chances of Ivanhoe's founder, billionaire Robert Friedland, being able to set up a bidding war for the company.Rio Tinto, sitting on 49 percent of Ivanhoe, has long been expected to make a bid for Friedland's company, coveting its majority stake in the massive Oyu Tolgoi copper and gold project in Mongolia.The global miner has spent $4.2 billion since 2006 building its stake in Ivanhoe as the Vancouver-based company raised capital to develop Oyu Tolgoi, one of the world's largest-known copper deposits.
Shares of Ivanhoe Mines (IVN) fall off 15.5% in premarket trading after it loses its battle to apply a poison pill to block Rio Tinto's (RIO) takeover bid. RIO +2.2% premarket
Ivanhoe Mines Ltd. ((IVN) is an international mineral exploration and development company. Shares of IVN fell by 4.23% or $-0.94/share to $21.28. In the past year, the shares have traded as low as $12.85 and as high as $28.98.It trade at IVN.TO exchange hands.Resistance level is $23.30 and support level is $20.
Ivanhoe Mines Ltd. ((IVN) is an international mineral exploration and development company. Shares of IVN fell by 4.96% or $-1.08/share to $20.70. In the past year, the shares have traded as low as $12.11 and as high as $29.29. Resistance level is $22.80 and support level is $20.
Shares of Ivanhoe Mines (IVN) fall off 15.5% in premarket trading after it loses its battle to apply a poison pill to block Rio Tinto's (RIO) takeover bid. RIO +2.2% premarket
Ivanhoe Mines Ltd. ((IVN) is an international mineral exploration and development company. Shares of IVN fell by 4.23% or $-0.94/share to $21.28. In the past year, the shares have traded as low as $12.85 and as high as $28.98.It trade at IVN.TO exchange hands.Resistance level is $23.30 and support level is $20.
Ivanhoe Mines Ltd. ((IVN) is an international mineral exploration and development company. Shares of IVN fell by 4.96% or $-1.08/share to $20.70. In the past year, the shares have traded as low as $12.11 and as high as $29.29. Resistance level is $22.80 and support level is $20.
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