FR today "Swan backed chinese stake in Rio" headlined. "Treasurer Wayne Swan yesterday approved Chinalco's proposal to buy up to 14.99% per cent of the shares in Rio" "But in a decision with ramifications for other foreign investors, Mr Swan implied that the government would look differently on any move to lift the shareholding above 15% or if Chinalco sought to get a seat on the board. This may affect the governments thinking on another chinese investor, Sinosteel a decision from the Treasurer due in the next couple of weeks on whether it will be allowed to take a substantial stake in WA IO miner Murchison Metals. Sinosteel already has approval for a takeover of Murchison's rival Midwest in which the chinese metals trader has amassed a controlling 58.4%.
Read in to it what you may.
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