Aluminum Corporation of China
State-owned Aluminum Corporation of China (Chinaco) is the holding company for the world’s second largest aluminia producer and the third largest primary aluminum producer. Aluminum Corporation of China Limited (Chinalco) is listed on the New York, Hong Kong and Shanghai stock exchanges.
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Chinalco takes $1.5bn Rio shares
Rio Tinto (ASX:RIO), the world’s third largest mining company, sold nearly all (97 percent) of the London listed shares on offer in a $15.2 billion sale to reduce debt. Chinalco confirmed today that its took up its full rights in the share at a price of around £880m (US$1.5bn) .
Rio had rejected a $19.5 billion investment proposal from its biggest shareholder Chinalco of China last month and instead opted for the share sale and an iron ore joint venture with BHP Billiton Ltd.
Its major shareholder, China's state-owned Chinalco, later said it had taken up its full entitlement to the offer, which ranks as the fifth-biggest on record. It was a sign that Chinalco was far from severing ties with Rio Tinto.
Rio was trading at $52.28, up 1.32% on the ASX.
London-based Rio offered existing shareholders the right to buy 21 new shares for every 40 they hold at 1,400 pence for its London shares and A$28.29 for its Sydney shares.
