Scottish Widows Dismayed Rio Tinto Overriding Preemption Rts
February 12 2009 - 11:21AM
Dow Jones News
Scottish Widows Investment Partnership Thursday said it is
disappointed with the structure of a deal that will see Aluminum
Corp. of China (ACH) invest $19.5 billion in Rio Tinto PLC
(RTP).
"We are very disappointed that Rio Tinto has decided to override
our clients' preemption rights and issue attractive equity to one
shareholder without offering it to all shareholders," said Robert
Waugh, head of U.K. equities at Scottish Widows Investment
Partnership.
"We will be engaging with the board with a view to protecting
our clients' interests," Waugh added.
Company Web site: www.swip.com
-By Jeffrey Sparshott, Dow Jones Newswires; +44 (0)207 842 9347;
jeffrey.sparshott@dowjones.com