new scramble for africa , page-4

Rio Tinto and Chinalco deal may be scrapped

Positive outcome IMO if it falls and am hoping for this to occur.

Positive because if deal falls its one less iron ore source Chinalco can get there hands on, hence want to source elsewhere and we all know they have bulk cash.


By Matt Chambers and Rowan Callick

The Australian

May 26, 2009 08:07am

Rio Tinto - Chinalco deal in doubt

Chairman to meet with investors, Government
Deal will have to be changed to get vote
RIO Tinto chairman Jan du Plessis will visit Canberra this week before meeting local shareholders, amid growing speculation that the mining giant's planned $US19.5 billion ($25 billion) deal with Chinalco has been scrapped.

The new chairman, who took over from Paul Skinner in April, is expected to meet officials from the Foreign Investment Review Board ahead of its mid-June deadline to approve the deal, reports The Australian.

Rio yesterday remained secretive about its chairman's moves, refusing to confirm his scheduled arrival in the country last night or today, or which cities he would visit on his week-long stay.

It is understood Mr du Plessis will first travel to Canberra, before heading to Melbourne, Sydney and then back to London next week.

Mr du Plessis will front Rio's local investors amid growing opposition to both a planned $US7.2 billion convertible bond sale and a $US12.3 billion sale of stakes in Rio's best iron ore, copper and aluminium assets to state-owned aluminium giant Chinalco.


ALSO: wheres the life in this thread! Westcott, pythagerous, big yach where are you!? give me some research ! :P