Rio Says Chinalco Gets German Regulator Clearance (Update1)

Rio Tinto Group, the world¡¯s third- largest mining company, said a German regulator approved Aluminum Corp. of China¡¯s proposed $19.5 billion investment in the company.

The approval from the German Federal Cartel Office is part of a list of conditions for the partnership with Chinalco, as the state-owned company is known, London-based Rio said today in a statement to the Australian stock exchange.

Rio has sold assets, is cutting 14,000 jobs and last month agreed to an investment from Beijing-based Chinalco as it seeks to reduce its $38.9 billion debt. Australian Treasurer Wayne Swan last month extended a review into the deal by as many as 90 days amid a backlash from politicians and shareholders.

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