国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Economy

Markets

Industries

Insights

Reports

Events

Chinalco gets the Rio nod

(China Daily/Agencies)
Updated: 2008-08-26 13:48

Aluminum Corp of China, or Chinalco, has got Australian approval to raise to 11 percent its stake in Rio Tinto Group, the target of a hostile $143 billion takeover by rival miner BHP Billiton Ltd.

"I have decided to raise no objections under Australia's foreign investment policy," Wayne Swan, federal treasurer of Australia, said yesterday in a statement.

Chinalco, in partnership with Alcoa Inc, bought a 9 percent stake in London-based Rio in February and said in March it might seek to increase that holding.

The bid by China's biggest aluminum producer may make it more difficult for Melbourne-based BHP to succeed in its all-stock takeover offer for Rio, the world's third largest mining company. Chinalco may be seeking to increase its stake to block that deal, the Australian Financial Review reported earlier.

"This will underpin the Rio share price and also create uncertainty about whether or not BHP will get its deal over the line," said Stephen Bartrop, a resources analyst and director of Sydney-based Stock Resource. "Even if Chinalco doesn't increase its stake, it shows they have the capacity to block the deal."

BHP closed 3.1 percent higher at A$40.15 ($34.57) on Aug 22 on the Australian stock exchange and Rio gained 0.7 percent to 5,179 pence on the London Stock Exchange. Rio's stock is 14 percent below the 6,000 pence a share price paid by Chinalco and Alcoa when they bought their stake.

Liu Qiang, Chinalco's company secretary, couldn't be reached for comment. Rio spokeswoman Amanda Buckley also couldn't be contacted.

"While Australia welcomes foreign investment, we will carefully examine national interest issues where these arise in relation to foreign sovereign ownership," Swan said in the statement. Chinalco will have to reapply to increase its stake beyond the level approved yesterday, and has agreed not to seek representation on Rio's board, Swan said.

BHP's CEO Marius Kloppers wants the Chinese company's support for his deal, which would create the world's biggest producer of aluminum and energy coal.