25th Nov 2008 15:44
We note the statement published by Reuters today quoting Chinalco Vice President Spokesman Lu Youqing as saying that Chinalco "Company leaders are considering 49.99 per cent" of the share capital of Rio Tinto. In fact, Chinalco Vice President Spokesman Lu Youqing actually said that Chinalco may plan "to lift its stake in Rio Tinto to 14.99%." This would be in accordance with the approval previously given by the Foreign Investment Review Board in Australia to allow Chinalco to increase its stake in Rio Tinto to 14.99%.
Chinalco has not made any decision in respect of its investment options in Rio Tinto, including the possibility of increasing its holding above 15.00%. Chinalco will keep the market informed of any material developments.
Chinalco also notes the announcement made today by BHP Billiton regarding its offer for Rio Tinto. Chinalco continues to have confidence in the fundamental value of the Rio Tinto Group and the management's strong ability to realise that value for all shareholders.
Related Shares:
Rio Tinto