Rio Tinto’s Alcan Buy Wins Approvals
October 3, 2007
Anglo-Australian mining giant Rio Tinto PLC cleared two international hurdles Wednesday in its $38.1 billion purchase of Canadian aluminum maker Alcan Inc.
EU antitrust regulators said the deal wouldn’t hurt European competition and Australia’s competition watchdog said it would let the deal go through.
London’s Rio Tinto beat Alcoa Inc. for Montreal’s Alcan this year, offering $101 a share, and expects to close on the deal in December, making Rio Tinto the world’s biggest producer of aluminum and bauxite.
The company still needs Canadian and French approvals. Alcan bought French aluminum producer Pechiney SA in 2003.