China-owned firm takes a stake in Rio Tinto |
| International Herald Tribune - Feb 1, 2008 |
Aluminum Corp. of China on Friday joined the U.S. company Alcoa in taking a 12 percent stake in Rio Tinto in an apparent move to head off a huge mining industry merger that China feared could drive up soaring prices for raw materials.
The move came after Chinese officials expressed concern over BHP Billiton's plans to link up with Rio Tinto in a merger that would give the combined company a dominant position in iron ore.
Less than a week before the deadline for BHP to make a formal offer for Rio, Chinalco, as the state-owned Chinese company is called, said the $14.05 billion shareholding in the Anglo-Australian miner was China's biggest foreign investment and could lead to a full takeover.
Read Full Article from International Herald Tribune
- Posted: 2008-02-01 09:27:41
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