Chinalco:Haven't Received Any Request To Renegotiate Rio Deal
February 27 2009 - 5:00AM
Dow Jones News
Aluminum Corp. of China, or Chinalco, is aware of differing
opinions among Rio Tinto PLC (RTP) shareholders about its
investment in the Anglo-Australian miner, but Chinalco President
Xiong Weiping said the company hasn't received any request to
renegotiate the deal.
Chinalco believes Rio's management will be able to explain the
deal to its shareholders, said Xiong.
Earlier this month, Chinalco signed a US$19.5 billion investment
deal with Rio Tinto PLC (RTP), marking China's biggest foreign
investment.
The deal gives Chinalco minority stakes in a range of assets and
convertible bonds that could ultimately give it an 18% stake in the
miner.
The investment in Rio by China's biggest aluminum producer by
output has raised concerns from Rio's shareholders and Australia's
politicians, who deem the deal to be a threat to shareholders' and
Australia's interests.
-By Shai Oster and Juan Chen; Dow Jones Newswires; 8610 6588
5848; juan.chen@dowjones.com