CHINALCO, ALCOA EYEING MORE RIO TINTO SHARES
AsiaInfo Services, March, 2008
AsiaInfo Services 03-20-2008 Chinalco, Alcoa Eyeing More Rio Tinto Shares BEIJING, Mar 20, 2008 (SinoCast via COMTEX) -- Aluminum Corporation of China (Chinalco) is brewing to team up with its partner Alcoa Inc.to buy more shares of Rio Tinto. Chinalco General Manager Xiao Yaqing reveals that they are more likely to increase holdings, instead of throwing shares for cash.
On February 21, 2008, Chinalco announced that its team took a 12% stake in Rio Tinto through Shining Prospect Private Ltd., an investment company set up for the acquisition, for about USD 14.05 billion or USD 120 per share, 9% higher than the mining giant's current stock price. A recent memo between Chinalco and Alcoa showed that they planned to increase their stake to 14.9%. Alcoa agreed to...
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