US antitrust regulator approves Rio Tinto''s acquisition of Alcan
27 Aug 2007
Anglo-Australian
mining group Rio Tinto that entered in to a friendly acquisition
of Canadian aluminium firm Alcan for $101 per share, in
a deal valuing the Canadian company for $38.1-billion,
has been approved by US antitrust authorities. (See:
Update: Alcan to merge with
Rio Tinto under $38.1 billion deal)
Alcan consented to the deal with Rio Tinto after rejecting a $27-billion hostile takeover bid from US aluminium firm Alcoa on the grounds that it undervalued the firm. (See: Alcan rejects Alcoa''s $27 billion bid, opens talks with rival bidders)
The
acquisition will propel make Rio Tinto into the largest
maker of aluminium and bauxite.
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