An abitrator has ruled a "poison pill" takeover defence erected by Ivanhoe Mines Ltd does not apply to global mining giant Rio Tinto Ltd, leaving Ivanhoe vulnerable to a takeover by Rio, its largest shareholder.Investors said the ruling effectively leaves Rio Tinto in control of Ivanhoe and means Rio will not need to rush a bid for the company, which could be worth as much as $16 billion in a takeover.Rio Tinto, which owns 49 percent of Ivanhoe, has long been expected to make a bid for the company, coveting Ivanhoe's majority stake in the massive Oyu Tolgoi copper and gold project in Mongolia.The ruling also spoils the chances of Ivanhoe's founder, billionaire Robert Friedland, of being able to set up a bidding war for the company.
Ivanhoe Mines Ltd. ((IVN) is an international mineral exploration and development company. Shares of IVN remained unchanged at $21.28. In the past year, the shares have traded as low as $12.85 and as high as $28.98. On average, 1170530 shares of IVN.TO exchange hands on a given day and today's volume is recorded at 657957.
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. On average, 3779540 shares of IVN exchange hands on a given day and today's volume is recorded at 3029227.
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