Rio Says It Will Convey Investors¡¯ Views to Chinalco (Update1)

Rio Tinto Group, the mining company that agreed to a $19.5 billion investment from Aluminum Corp. of China, said it will convey the views of shareholders to the state-owned Chinese company before the transaction is voted on.

¡°We want to leave everybody feeling that they¡¯ve been heard,¡± Skinner told reporters today after a shareholder meeting in London. ¡°The outcomes may not be entirely what they want. But it is our intention to reflect the views we¡¯ve heard.¡±

Rio is trying to convince shareholders and regulators that Chinalco¡¯s planned cash injection, comprising the sale of stakes in mines and a convertible bond issue, is the best way to slash its $38.9 billion of debt. Some Rio investors have demanded to be included in the bond offer.

Skinner said some shareholders have a ¡°deep commitment¡± to the principle of being consulted about any fund raising.

¡°Let¡¯s see how we get down the track,¡± Skinner said when asked whether there¡¯s a possibility Rio may reach a compromise over the proposed investment.

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