Rio Tinto PLC &
Aluminum Corp of China {Chinalco} | Update Date: 02/19/09 |
| Date Announced: 02/12/09 |
Value (million $USD): 3.10 billion U.S. Dollar
2.16 billion British Pound |
|
| Status: Pending | |
| TRANSACTION DETAILS |
|---|
| Date Announced | 02/12/09 | | |
| Date Originally Announced | 02/12/09 | | |
| Format | Acq. Part. Int. | Acquisition techniques | Privately Negotiated Purc |
| Attitude | Friendly | Agency | Unspecified Regulatory Auth.; Australian Government |
| Value | 3.10 billion U.S. Dollar
2.16 billion British Pound | Advisor Fees | n/a |
| SYNOPSIS |
|---|
| UK - Chinese state-owned Aluminum Corp of China {Chinalco} planned to acquire a 9% convertible bonds, in Rio Tinto PLC (RTP), a London- based copper, gold and coal mining company, for 2.156 bil British pounds ($3.1 bil US). Upon completion, Chinalco was to raise its stake to 19% in RTP, from an undisclosed minority stake. Concurrently, Chinalco planned to acquire 9. 5% convertible bonds in Rio Tinto Ltd, 30% stake, in Rio Tinto Indonesia Holdings Ltd, 50% stake, in Yarwan Aluminum Refinery, 30% stake, in Weipa Bauxite Mine, 49.75% in Rio Tinto Escondida Ltd, 30% stake, in La Granja Copper Development Project, 49% stake, in Boyne Island Smelters, 15% stake, in Hamersley Iron Pty Ltd, 25% stake in Kennecott Utah Copper and agreed to acquire notes convertible into an 8. 5% stake in Shining Prospect Pte Ltd. The transaction was subject to regulatory and shareholders' approvals. Originally, Chinalco planned to acquire the assets of RTP.. |
| TARGET |
|---|
| Name | Rio Tinto PLC (London : RIO) |
| Industries | Iron ores; Bituminous coal and lignite surface mining; Ferroalloy ores, except vanadium; Miscellaneous metal ores, nec; Lead and zinc ores; Copper foundries; Gypsum products; Industrial inorganic chemicals, nec; Electrometallurgical products, except steel; Chemicals and chemical preparations, nec; Minerals and earths, ground or otherwise treated; Nonferrous foundries; Offices of holding companies, nec |
| City | London |
| State | n/a |
| Nation | United Kingdom |
| Incorporated in | n/a |
| Public Status | Public |
| Business Description | Rio Tinto PLC, located in London, is a holding company, which mines copper, gold, silver, aluminium, boartes, coal, copper, diamonds, gypsum, iron ore, molybdenum, salt, sulphuric acid, talc, titanium dioxide, uranium, nickel, potash, lead and zinc. The company operates in Australia and North America and has significant businesses in South America, Asia, Europe and southern Africa. The company was founded in 1962. |
| Advisors | Credit Suisse Group; Morgan Stanley |
| Target Sales | 29.38 billion U.S. Dollar
14.79 billion British Pound |
|
| ACQUIROR |
|---|
| Name | Aluminum Corp of China {Chinalco} |
| Industries | Aluminum die-castings; Aluminum extruded products; Aluminum foundries; Aluminum rolling and drawing, nec; Aluminum sheet, plate, and foil |
| City | n/a |
| State | n/a |
| Nation | China |
| Incorporated in | n/a |
| Public Status | Government |
| Business Description | Aluminum Corp of China {Chinalco}, manufactures and wholesales alumina, primary aluminum, fabricated aluminum products. The Company is the largest shareholder of Aluminum Corp of China Ltd {CHALCO} as of June 30, 2008 with 41.82%. |
| Advisors | Nomura Securities Co Ltd; Blackstone Group LP; JP Morgan & Co Inc; China International Capital Corp |
| Acquiror Sales | n/a |
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