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Australia: Aborted Chinalco deal a "commercial matter"

(Xinhua)
Updated: 2009-06-05 15:15

Australian Treasurer Wayne Swan, commenting on the now aborted deal between Rio Tinto and Chinalco, said on Friday that it was a commercial matter for the private sector and did not concern the government.

Rio Tinto has announced its deal with the Chinese state-owned company was no longer viable, and would instead hold a A$19 billion ($15.27 billion) rights issue.

Related readings:  Chinalco confirms deal breakup with Rio Tinto

The announcement means Swan will no longer have to make a decision on whether to allow Chinalco to hold a major stake in one of Australia's largest companies.

However, Swan indicated he was not averse to such a deal in principle.

"Australia welcomes foreign investment, it is very important to this country and we do welcome proposals from foreign countries provided they are in the national interest, but I gather from what I've heard that there are commercial arrangements that have been reached and that's entirely a matter for the companies involved and I can't comment any further." Swan was quoted by the Australian Associated Press as saying.

The aborted deal would have involved joint investments worth $12.05 billion in aluminium, copper and ore mining with Rio Tinto.

The deal would have bought $7.23 billion worth of convertible bonds in the company.

If redeemed for shares, the bonds would have almost doubled Chinalco's existing 9 percent stake in Rio Tinto Group to 18 percent.