Chinalco Official: Talks With Rio On Board Seat, Possible Deal
February 09 2009 - 11:44PM
Dow Jones News
Aluminum Corp. of China, or Chinalco, is in "intense" talks with
Rio Tinto PLC (RTP) about taking a seat on Rio's board of directors
and closing a possible deal, Chinalco Deputy General Manager Lu
Youqing said Tuesday.
Lu said both sides are still discussing the size of a possible
deal and the financing involved.
He declined to disclose details, or confirm whether Chinalco is
seeking a 15%-20% stake in Rio.
He said an announcement would only be made if a deal is reached,
and declined to say whether any would be forthcoming Thursday.
Rio reports full-year results Thursday, and analysts said the
miner could be trying to seal a deal by then.
-By Chuin-Wei Yap, Dow Jones Newswires; 8610 6588 5848;
chuin-wei.yap@dowjones.com