Rio Tinto announced it has received a binding offer from Imerys to acquire its talc business for an enterprise value of $340 million. A period of exclusivity with Imerys has been agreed, and Rio Tinto will respond to this binding offer following consultation with the relevant European works councils.
“The successful sale of our global talc business would deliver good value to our shareholders and remains aligned with our strategic focus on large scale assets,” said Guy Elliott, CFO of Rio Tinto. “As a leading supplier of industrial minerals, Imerys is well-positioned to enable the ongoing success of the talc business.”
The talc business has about 1000 employees at 24 locations in Europe, North America, Australia and Asia. Completion of the transaction is subject to customary closing conditions, including applicable regulatory approvals.
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