Chalco and Alcoa Obtain the Approval

Aluminum Corp. of China (Chinalco) and Alcoa Inc. won't have their purchase of a 12 percent stake in Rio Tinto Plc blocked by Australia's competition regulator.

The Australian Competition and Consumer Commission "considered that, given the nature and extent of the interest acquired, the acquisition was unlikely to lessen competition".

Chinalco and Alcoa bought the stake in Rio just five days before BHP increased its takeover offer for Rio earlier this month. The surprise raid may threaten BHP Chief

Executive Officer Marius Klopper's plans to create a company to control a third of the world's iron ore market and more energy coal, copper and aluminium than any of its rivals.

Chinalco has no plans to raise its stake in Rio and may sell the holding at the right price.

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