25 result(s) displayed (1 - 25 of 33):
Like we keep saying, China needs resources, and Australia needs revenue. So despite any political strains, Baosteel Group Corp. will be allowed to buy up to a 19.9% stake in Aquila Resources Ltd. for A$285 million ($258 million), says Australia's Foreign Investment Review Board. The Chinese steel-producing giant will put...
Posted on October 30, 2009 11:43 AM
Rio Tinto plc's (NYSE:RTP) Alcan Automotive is establishing a joint venture with China's Changchun Engley Automobile Parts Co. Ltd. Located in North East China's Changchun, the venture will make crash management systems, instrument panel beams and other structural aluminum parts. Plans call for a second manufacturing plant outside Shanghai.The deal...
Posted on October 6, 2009 1:29 PM
Vale SA (NYSE:VALE) injected €965 million ($1.4 billion) in steelmaking company ThyssenKrupp CSA Siderúrgica do Atlântico Ltda., or CSA. The Brazilian mining giant has a lot more to spend, and more dealmaking is likely. Vale announced a $59 billion investment plan -- which it said could include strategic dealmaking --...
Posted on September 22, 2009 11:41 AM
Anglo-Australian mining giant Rio Tinto plc (NYSE:RTP) reported first-half net earnings of $2.5 billion, 65% below first-half 2008 -- a result of metal and mineral prices diving with the economy and companies letting their inventories shrink.But asset sales, 16,000 job cuts, a $15.2 billion rights issue, a joint venture...
Posted on August 20, 2009 9:14 AM
BHP Billiton Ltd. (NYSE:BHP) said Jac Nasser will succeed Don Argus as chairman when Argus retires in early 2010. Nasser, known for leading big acquisitions as soon as he took the reins at Ford Motor Co. (NYSE:F), comes in as BHP may be keen on more acquisitions since the global...
Posted on August 4, 2009 12:05 PM
Wednesday's announcement that German truckmaker MAN SE will acquire 25% of Chinese peer Sinotruk Ltd. for €560 million ($397 million) comes as cross-border deals travel bumpy roads in China.MAN chief executive Håkan Samuelsson has the advantage of dealing with Sinotruk in the past, saying, "This important partnership is based on...
Posted on July 15, 2009 1:05 PM
Questions of who is the best owner for a given business lie at the heart of M&A. Luckily for dealmakers, the answers change all the time.Lately we've seen this timeless story play out in food packaging. A couple of recent megadeals in two different sectors have led to divestitures of...
Posted on July 8, 2009 1:01 PM
In a deal that could worth about $2.4 billion, Rio Tinto Ltd. may sell its non-U.S. packaging assets to Australian packaging group Amcor Ltd., according to Reuters, which cited several sources including one with direct knowledge of Amcor's talks with Rio. Last week, an equities director at Aberdeen Asset Management...
Posted on July 8, 2009 11:09 AM
The Deal Pipeline (subscription required) shows investors signed up to buy 96.97% of new Rio Tinto Group stock, worth about £7.1 billion ($11.7 billion). Though this helps quite a bit with its massive debt burden -- mostly incurred from its $38 billion acquisition of aluminum company Alcan in 2007...
Posted on July 2, 2009 8:44 AM
Rio Tinto plc (NYSE:RTP) terminated its $19.5 billion deal with Aluminum Corp. of China, opting for a 50-50 joint venture with BHP Billiton Ltd. (NYSE:BHP), its one-time suitor, and a $15.2 billion rights issue. The Chinalco deal ran into trouble when politicians, among others, worried about China having too much...
Posted on June 4, 2009 11:04 PM
With Rio Tinto plc's (NYSE:RTP) $19.5 billion deal with Aluminum Corp. of China, known as Chinalco, on the verge of collapse, the mining giant is giving Plan B more thought. That plan could include a rights issue valued at more than $10 billion. The Aussie company issued a statement...
Posted on June 4, 2009 12:16 PM
Aluminum Corp. of China, known as Chinalco, is reportedly willing to take less of a stake in Rio Tinto plc (NYSE:RTP).Besides the fact that the debt-ridden mining giant's stock price had made a slow but steady climb since January, making some concessions will help allay political fears of China...
Posted on May 21, 2009 8:15 AM
Debt-ridden mining giant Rio Tinto plc's (NYSE:RTP) global head of strategy, Doug Ritchie, has decided to address some rumors about a deal that is the source of much speculation and political debate.Reports have suggested that in order to complete the deal where Aluminum Corp. of China, known as Chinalco, would...
Posted on May 7, 2009 12:07 PM
The deal: Aluminum Corp. of China, known as Chinalco, would acquire assets and stock in debt-laden mining giant Rio Tinto plc (NYSE:RTP) for $19.5 billion.The pols: Prime Minister Kevin Rudd (pictured), Australian Parliament Opposition Leader Malcolm Turnbull and Australian Treasurer Wayne Swan.The worry: Will China gain too much control of...
Posted on May 1, 2009 1:55 PM
Australian mining giant Rio Tinto plc (NYSE:RTP) has a Plan B if its deal to sell stock and assets worth $19.5 billion to Aluminum Corp. of China is blocked by Treasurer Wayne Swan. The Sunday Times reports debt-ridden Rio secretly drew up contingency plans to raise £5.4 billion ($8 billion)...
Posted on April 6, 2009 4:25 PM
The Australian Competition and Consumer Commission said it would not oppose a $19.5 billion deal where Aluminum Corp. of China, known as Chinalco, would acquire assets and stock in Rio Tinto plc (NYSE:RTP) "as it would be unlikely to result in a substantial lessening of competition." The antitrust watchdog doesn't...
Posted on March 25, 2009 2:36 PM
Earlier, we reported China's rejection of Coca-Cola Co.'s (NYSE:KO) $2.4 billion bid for China Huiyuan Juice Group Ltd. Granted, the world's largest beverage company is based in the U.S., but China's move could add fuel to the fight over the proposed sale of assets and stock in Australia's Rio Tinto...
Posted on March 18, 2009 3:09 PM
Rio Tinto plc (NYSE:RTP), the world's third-largest mining company, named Jan du Plessis chairman of the board, effective April 20. In January, debt-laden Rio named Jim Leng -- deputy chairman of India's Tata Steel Ltd. -- as chairman-elect to replace a retiring Paul Skinner. But Leng quit after differences with...
Posted on March 17, 2009 9:12 AM
In February, debt-laden mining company Rio Tinto plc (NYSE:RTP) agreed to a stock and asset sale worth $19.5 billion to its biggest customer, Aluminum Corp. of China, or Chinalco. The Australia Treasury announced a 90-day extension to review the deal.That deal came right before Melbourne-based Oz Minerals Ltd. agreed to...
Posted on March 16, 2009 4:19 PM
China may use its latest acquisition in Australia as a vehicle to acquire even more companies -- provided it goes through, that is. Days after debt-laden Rio Tinto plc agreed to a stock and asset sale worth $19.5 billion to its biggest customer, Aluminum Corp. of China, or Chinalco, Melbourne-based...
Posted on February 23, 2009 1:57 PM
It doesn't take an economics major to tell you buyers have an interest in keeping prices as low as possible.It is a point that Rio Tinto plc appears to have lost sight of as it reportedly prepares to invite one of its biggest customers, Aluminum Corp. of China, to...
Posted on February 11, 2009 8:55 AM
It looks like Paul Skinner, chairman of Rio Tinto plc, will have to hold on to the job for a couple more months. Last month, the debt-laden mining giant named Jim Leng as chairman-elect, with Skinner to retire in April. But three days before Rio is to report annual results, Leng surprisingly quit over a deal...
Posted on February 9, 2009 9:29 AM
Weakening global demand for commodities -- especially from China -- is pounding the once-booming mining industry. BHP Billiton Ltd. CEO Marius Kloppers may consider himself lucky in not winning a hostile bid for rival Rio Tinto plc, but he hasn't completely avoided the market's sting.BHP said Wednesday that a $3.7...
Posted on January 21, 2009 12:17 PM
Should mining giant Rio Tinto plc have taken on a massive debt load to acquire Canadian aluminum producer Alcan for $38.1 billion in 2007? Should it have accepted a subsequent takeover bid from BHP Billiton Ltd. -- worth $147 billion at one point but only $66 billion in November when...
Posted on January 14, 2009 3:16 PM
Rio Tinto plc, still struggling with debt it took on from its $38.1 billion acquisition of Alcan Inc. last year, is continuing cutbacks. Montreal subsidiary Rio Tinto Alcan cannot finance the ballooning cost of a joint venture with Saudi Arabian Mining Co., known as Ma'aden. The aluminum JV, where...
Posted on December 17, 2008 4:27 PM
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