CHINALCO, ALCOA TO RAISE HOLDING IN RIO TINTO
AsiaInfo Services, February, 2008
AsiaInfo Services 02-18-2008 Chinalco, Alcoa to Raise Holding in Rio Tinto BEIJING, Feb 18, 2008 (SinoCast via COMTEX) -- Aluminum Corporation of China (Chinalco) and US-based Alcoa Inc. (NYSE: AA) plan to increase holdings in Rio Tinto Company, an Austrian iron ore supplier headquartered in the UK, through their SPV (special purpose vehicle) named Shining Prospect. They will additionally buy no more than 2.9% of Rio Tinto, after acquiring a 12% stake in January 2008, according to the latest memorandum of understanding inked between Chinalco and Alcoa.
Presently, the American aluminum producer has agreed to lend USD 1 billion to USD 1.2 billion to Shining Prospect for this acquisition. The world's No.1 iron ore supplier BHP Billiton Ltd. (NYSE: BBL) has begun to...
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