Chinalco-Rio Tinto Deal OKed by German Anti-trust Organ

The injection of USD 19.5 billion into Rio Tinto by Aluminum Corporation of China (Chinalco) gained the approval from the German Federal Cartel Office on March 31, 2009.

It means that the deal has made a great stride towards the removal of all regulatory hurdles and is approaching the completion. Days ago, the Australian Competition & Consumer Commission (ACCC) announced that it would not oppose the deal.

The deal would not lead to the iron ore markdown, nor pull down the competitive level of such products as bauxite ore, copper, and alumina in the market, earlier reports said.

Last month, the Foreign Investment Review Board (FIRB) of Australia decided to postpone the review of the deal between the debt-laden iron ore supplier and the Chinese aluminum giant for another 90 days.

Sources from the overseas development division of the Chinese aluminum giant previously stressed that the deal was in progress when waiting for the approval.

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