TRQ - Turquoise Hill holder Pentwater Capital raises stake to 13.8% after 2.5M share buy

Turquoise Hill Resources ( NYSE: TRQ ) holder Pentwater Capital, which has said it plans to vote against the miner's sale to Rio Tinto ( NYSE: RIO ) said it purchased 2.5 million shares on Thursday.

Pentwater paid C$41/share for the 2.5 million shares for a total price of C$102.5 million. The fund also said it purchase TRQ shares on Tuesday through Thursday for a total of 4.23m shares this week. Pentwater Funds now owns about 27.7 million shares, representing a 13.8% stake in Turquoise Hill ( TRQ ), according to a statement late Thursday.

The increased stake comes after Pentwater Capital said Monday i t doesn't plan to vote in favor of Rio Tinto's ( RIO ) C$43/share bid for the remainder of the miner it doesn't already own. Pentwater is the second largest holder of Turquoise Hill after Rio Tinto, which already owns more than 50% of TRQ.

Pentwater on Friday said it doesn't support the C$43/share bid for Turquoise Hill ( TRQ ) and is evaluating its options on what to do next. Turquoise ( TRQ ) holder SailingStone Capital earlier this month said it doesn't support Rio Tinto's offer for the company. SailingStone has a 2.1% stake in TRQ.

Rio Tinto CEO Jakob Stausholm said in a statement last Monday when TRQ agreed to the revised bid t hat there would be no further price increases.

" After extensive negotiations, the terms of the transaction are final and there will be no further price increase," Stausholm said in the statement.

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