THE EVENT: Anglo-Australian miner Rio Tinto Plc (RTP) Thursday
said it would form a US$19.5 billion strategic partnership with
Aluminum Corp. of China, or Chinalco. The deal includes a US$7.2
billion convertible bond issue and US$12.3 billion in asset sales
across Rio's aluminum, copper and iron ore business.
The announcement came on the same day Rio announced a 50% fall
in full year net profit.
=4TH UPDATE: RIO TINTO STRIKES US$19.5B DEAL WITH CHINALCO
Rio Tinto Ltd. confirmed Thursday it has struck a US$19.5
billion deal with Aluminum Corp. of China that will give the
Chinese group minority stakes in a suite of assets and convertible
bonds that could ultimately deliver an 18% stake in the miner.
(published 0718 GMT)
RIO TINTO SAYS CHINALCO PAYS 124% PREMIUM FOR ASSET STAKES
Rio Tinto Ltd. Chief Executive Tom Albanese said Thursday
Aluminum Corp. of China, or Chinalco, has paid a premium of more
than 124% for its stakes in a suite of the miner's assets.
(published 0730 GMT)
=FOCUS: SUPPORT FOR A RIO TINTO-CHINALCO DEAL HINGES ON PRICE
Support for Rio Tinto Ltd.'s US$19.5 billion planned landmark
deal with Aluminium Corp. of China Ltd. hinges on price, analysts
and shareholders said Thursday. (published 0444 GMT)
RIO TINTO FY NET PROFIT DOWN 50% TO US$3.68B ON WRITEDOWNS
Rio Tinto Ltd. said Thursday full year net profit fell 50% to
US$3.7 billion on year due largely to a US$7.9 billion writedown of
its aluminum business. (published 0622 GMT)
CHINALCO:WELCOME AUSTRALIA PLAN ON FOREIGN INVEST LAW CHANGES
Aluminum Corp. Of China, or Chinalco, said Thursday it welcomes
Australia Treasurer Wayne Swan's announcement, which said the
government will pass laws that will see convertible notes treated
as equity for the purposes of government deliberations on foreign
investments. (published 0734 GMT)