Rio deal off; Chinalco seeks other acquisitions
By Jiang Wei | China Daily | Updated: 2009-06-06 08:09
"Sorry," Rio Tinto told its would-be Chinese investor on Friday. "No deal now."
The Aluminum Corp of China (Chinalco) confirmed the collapse of a deal to invest $19.5 billion in the Anglo-Australian mining company, with general manager Xiong Weiping saying he was "very disappointed".
The world's third largest mining company will now pay Chinalco $195 million as compensation for termination of the deal.
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