BREAKFAST DEALS: Rio raid

Rio Tinto secures a majority stake in Ivanhoe, while doubts are emerging over a PacBrands takeover.

Mining giant Rio Tinto has wasted no time securing a majority stake in Ivanhoe Mines just a week after receiving the last official green light to do so. Rio has forked out $282.2 million to bring its stake to 51 per cent; now its task is to get talking to Ivanhoe founder Robert Friedland and see if it can get Oyu Tolgoi all to itself. Meanwhile, talks between Pacific Brands and private equity suitor Kohlberg Kravis Roberts are reportedly moving at a snail’s pace, prompting concerns from one institutional investor that this deal isn’t going to happen. Elsewhere, there’s word that TRUenergy’s parent still believes a float is a 2012 proposition, talk could finally turn to action amongst the upset Spotless Group shareholders, and Lynas Corp has paid a perception price for its funding agreement to keep its Malaysian refinery going.

Rio Tinto

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