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Takeovers Panel allows Energy Resources of Australia's A$476M offering

The review panel of the Australian Takeovers Panel canceled the order prohibiting Rio Tinto from compulsorily acquiring shares in Energy Resources of Australia Ltd. noting that the orders "would be unfairly prejudicial to Rio Tinto."

The panel added that Energy Resources needs to disclose to its shareholders Rio Tinto's intentions regarding compulsory acquisition if the latter becomes a 90% shareholder, following the former's A$476 million entitlement offer and underwriting agreement.

The review panel also affirmed the initial panel's decision to make a declaration of unacceptable circumstances.

The timetable for the entitlement offer was extended by the review panel by 15 business days, with closing now scheduled for Feb. 18.

Rio Tinto filed an appeal after the Australian Takeovers Panel blocked the offer for at least 20 days, noting that the mining giant's possible takeover could hurt minority shareholders.

Energy Resources of Australia was offering 6.13 new shares for every existing share to fund rehabilitation costs for the Ranger uranium project in Australia's Northern Territory, which ballooned to A$830 million in February 2019 from A$512 million in December 2017.