LONDON (Thomson Financial) - Chinalco and Alcoa (NYSE: AA - news) have picked up a 12 pct stake in Rio (Advertisement)
Tinto PLC through Singapore-based Shining Prospect Pte Ltd, a wholly-owned entity of Chinalco, in which Alcoa has committed 1.2 bln usd via a convertible instrument, which made the announcement.
Both Chinalco and Alcoa confirmed that they do not currently intend to make an offer for Rio Tinto (Stuttgart: 855018 - news) , but reserve the right to announce an offer or possible offer for the company.
Alcoa chairman Alain Belda said the stake purchase in Rio Tinto, made in partnership with Chinalco, will allow both companies to benefit from development in the mining sector.
Chinalco is a Beijing-based diversified metals and mining company, and one of the largest diversified metals and mining companies in China.
BHP Billiton (LSE: BLT.L - news) made a unsolicited 3-for-1 offer approach in November (Frankfurt: A0S9N7 - news) for Rio Tinto, the world's third-biggest miner.
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LONDON (Thomson Financial) - Chinalco and Alcoa (NYSE: AA -...
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