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Allens advises on Rio Tinto's US$3.2bn share buy-back

24 September 2018

Allens has advised Rio Tinto on its disbursement of approximately US$3.2 billion (AU$4.4 billion) of post-tax coal disposal proceeds to shareholders through a share buy-back program.

The firm advised on all corporate and tax aspects of the program, which combines an off-market buy-back tender targeting up to 41.2 million Rio Tinto Limited shares with further on-market purchases of Rio Tinto plc shares.

Completion of the off-market buy-back is expected in November 2018, after which the timing and aggregate maximum consideration of its on-market purchases will be announced.

The $3.2 billion of net disposal proceeds is derived from the completed sales of the Hail Creek and Valeria, Winchester South and Kestrel mines, on which Allens also advised.

'We are pleased to be advising longstanding client Rio Tinto as it continues to provide market-leading returns for shareholders,' said Partner Richard Kriedemann, who led the corporate team on the matter.

'Off-market share buy-backs continue to have a valuable role to play in delivering efficient capital management for shareholders,' said Partner Martin Fry, who led the tax team.

The program is subject to market conditions and compliance with applicable laws and regulations.

Allens legal team Corporate: Richard Kriedemann (lead Partner), Gadi Bloch (Special Counsel)
Tax: Martin Fry (lead Partner), Jay Prasad (Senior Associate)

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Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.