Rio Tinto Sweeps Up Hathor Shares

Mining giant Rio Tinto (RIO) is planning to sweep up the shares of Canadian uranium company Hathor Exploration as it acquires 93.76 per cent of the latter's shares. Rio Tinto currently owns 119.5 million Hathor common shares.

The mining giant offered a $C654 million takeover last year to the Canadian company, paying $C4.70 per outstanding common share. On December 22, Rio Tinto extended its offer until January 6, 2012 after it acquired 87.26 per cent of Hathor's shares.

According to the mining giant, with its intension to own all outstanding Hathor common shares, Rio Tinto will acquire the remaining shares through a compulsory acquisition under the Canada Business Corporations Act.

Rio Tinto added that after the completion of the compulsory acquisition, it plans to delist the Hathor common shares from the Toronto Stock Exchange as soon as practicable.

Rio Tinto is a business engaged in the production of minerals and metals. It has an alumina, aluminum, iron ore, diamond and titanium dioxide operations in Canada with 13,000 employees.