Willy Packer claims Rio Tinto ‘taking advantage’ in Energy Resources of Australia takeover spat

Willy Packer is not going down without a fight in his bid to stop Rio Tinto swooping on Energy Resources of Australia, alleging the mining giant miner is “taking advantage” as he escalates the saga in his escalation of the saga to the takeovers umpire.

The Takeovers Panel yesterday confirmed it had received an application from ERA’s minority investors Packer & Co and Zentree Investments, who are trying to stop Rio from hoovering up the shares they don’t already own in the uranium clean-up company, via a heavily discounted $880 million entitlement offer.