Energy Resources Says Court Hearing of Rio Tinto's Application for Compulsory Acquisition of Its Shares Completed in February, Shares Fall 25%

MT Newswires Live04-24 11:56

Energy Resources of Australia (ASX:ERA) said the court hearing of Rio Tinto's (ASX:RIO) originating motion seeking approval for its proposed compulsory acquisition of the remaining shares in the firm was completed in February, and the court decision was pending, according to a Friday Australian bourse filing.

Rio acquired more than 98% of Energy Resources' shares and initiated the process to compulsorily acquire the remaining Energy Resources shares on April 11, 2025.

After the objection period expired on May 19, 2025, Rio Tinto confirmed that 123 shareholders, representing around 43% of the shares subject to the acquisition, lodged formal objections. As this exceeded the 10% threshold, the acquisition could not go ahead without court approval.

Progressive rehabilitation of the Ranger project area in the Northern Territory continued during the March quarter, the filing added.

Its shares fell 25% in recent trading on Friday.

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