Chinalco¡¯s chief defends Rio bid

The chairman of Chinalco, China¡¯s state aluminium producer, defended his company¡¯s bid to double its stake in Rio Tinto, saying the collapse of the deal last week was ¡°totally out of our control¡±.

Xiong Weiping told reporters that Chinalco had already agreed to significant amendments to the terms of the original $19.5bn deal, which was signed in February, and that he was confident the company would have been able to satisfy the concerns of shareholders and federal regulators in Australia.

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