Wednesday, March 25, 2009

DJ Rio Tinto Appoints Deloitte To Review Chinalco Deal

Rio Tinto Ltd. (RTP) said Wednesday it has appointed Deloitte to prepare an independent report into the proposed US$19.5 billion investment in the miner by Aluminum Corp. of China.

The deal, which remains subject to government and shareholder approval, will see the Chinese government-backed group pay US$12.3 billion for stakes of between 15% and 50% in a suite of Rio's key assets and invest US$7.2 billion in convertible bonds that could lead to its stake in the miner rise to 18%.

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