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Rio Tinto appeals suspension of Energy Resources of Australia's A$476M offering

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Rio Tinto appeals suspension of Energy Resources of Australia's A$476M offering

Rio Tinto filed an appeal on the suspension of Energy Resources of Australia Ltd.'s A$476 million renounceable entitlement offer.

The Australian Takeovers Panel recently blocked the offer for at least 20 days after flagging 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.

Rio Tinto's North Ltd. unit agreed to fully underwrite the offering. Rio Tinto owns 68.39% of Energy Resources of Australia.

The panel said Dec. 13 that it received an application from Rio Tinto, North Ltd. and Peko-Wallsend Pty. Ltd. seeking a review of the decision.

The regulator said a review panel has not been appointed and no decision has been made on whether to conduct proceedings.