Aluminum Corporation of China Chinalco yesterday announced that it took up its full entitlement in the UK part of Rio Tinto's $15.2 billion rights issue. The results of the Australian part of the offering, which accounts for $3.4 billion of the total deal, are expected to come out today.
Chinalco can confirm that it has taken up all its rights in Rio Tinto plc, Chinalco said in a written statement. This was an economically rational decision as it prevented the dilution of our ownership in Rio.
Chinalco retains a 9% stake in Rio. Earlier this year it tried to increase that stake to 18% but the deal fell through when Rio decided...
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