UPDATE 2Montessori materials-Chinalco reassures Australia on Rio deal
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UPDATE 2-Chinalco reassures Australia on Rio dealPublished: 01 Mar 2009 18:09:28 PST * Chinalco says won’t seek control of Rio Tinto * Australia says will take time to probe $19.5 bln deal * Rio shares fall 6.8 pct, lag benchmark index (Adds Chinalco comments) SYDNEY, March 2 — China’s Chinalco said it willnot seek control of Rio Tinto, as it reassured Australia’sgovernment over its planned $19.5 billion investment in theminer. Australian Treasurer Wayne Swan said on Monday thegovernment would take its time making a decision on theinvestment, contributing to a fall of nearly 7 percent in RioTinto shares. State-owned Chinalco agreed last month to pay $12.3 billionfor stakes in Rio’s key iron ore, copper and aluminium assetsand $7.2 billion for convertible notes that would double itequity interest in Rio to 18 percent. Chinalco’s new president, Xiong Weiping, said any deal withRio Tinto would not lead to control of Australian resourcesand he hoped for a constructive discussion with Canberra. »Through this transaction we do not attain or achieve anycontrol in any sense in Rio Tinto. What we are getting arenon-controlling economic interests,» Xiong told reporters inSydney, speaking via a translator. »Our partnership will in no way change the corporatestrategy of Rio Tinto, or the way it operates its business, orthe pricing of its products. So this transaction will in no waylead to any control of natural resources in Australia.» Shareholders have questioned whether Rio Tinto was gettinga good enough premium for the asset stakes; a fair premium forthe convertible bonds; the involvement of Chinalco, a customer,in marketing joint ventures; and the impact of Chinalco gettingtwo seats on Rio’s board. Xiong said there was no plan to sell assets or stakesacquired by the transaction, adding that Chinalco was talkingto financial institutions in China about financing the deal. He was speaking before visiting Canberra to lobby thegovernment on the Rio-Chinalco deal. The deal needs Australian foreign investment approval, butsome Australian politicians are wary of handing stakes in someof the country’s most important mines to China, which isAustralia’s biggest export customer. They argue that it would be in China’s interests to keepAustralian export prices low. »This is a very significant decision,» Swan told a mediaconference called to discuss the domestic economy. »The government will take its time to evaluate it in greatdepth and detail. It’s very important that we get this right inthe national interest,» he said. Xiong said the timing of completing a deal depended on manyconditions, including government approvals and the finalisationof financing documents and approval by Rio shareholders. »We have a lot of work to do before we can complete thistransaction by the end of July.» RIO SHARES TUMBLE Rio shares were down 6.7 percent in morning trade atA$44.07, underperforming a 2.9 percent drop in the widermarket. One dealer blamed the fall on the prospect of a lengthydecision-making process over foreign-investment approval. A deal between Rio and Chinalco wビジネスローン 铝合金升降机 washing machine spare parts 深圳南山搬家公司 电磁流量计 工作流 深圳装饰 cheap kitchen cabinets 离心风机