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Article: Rio Tinto scraps deal with Chinese firm Chinalco

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AP Worldstream
Article date:
June 5, 2009
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Anglo-Australian miner Rio Tinto PLC on Friday ended its $19.5 billion deal with Chinese company Chinalco, instead saying it plans to raise $15.2 billion in a share sale.

Rio Tinto Chairman Jan du Plessis said in a letter to shareholders the planned deal with Chinalco was now dead and his company would pay it a $195 million break fee.

Investors will be offered 21 new shares for every 40 they hold at 28.29 Australian dollars ($22.71) each, the company said in a statement posted on the Australian stock exchange. Rio Tinto said the share deal would reduce the company's overall debt, allowing it to meet repayment obligations.

Rio Tinto turned to Chinalco in February to ...

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