chinalco-takes-its-rio-tinto-entitlement

Chinalco takes its Rio Tinto entitlement

By taking its full rights entitlement, the Chinese company shows that it remains committed to Rio Tinto, for now.

Aluminum Corporation of China Chinalco yesterday announced that it took up its full entitlement in the UK part of Rio Tinto's $15.2 billion rights issue. The results of the Australian part of the offering, which accounts for $3.4 billion of the total deal, are expected to come out today.   

Chinalco can confirm that it has taken up all its rights in Rio Tinto plc, Chinalco said in a written statement. This was an economically rational decision as it prevented the dilution of our ownership in Rio.

Chinalco retains a 9% stake in Rio. Earlier this year it tried to increase that stake to 18% but the deal fell through when Rio decided...

¬ Haymarket Media Limited. All rights reserved.

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