Chinalco Denies Decision to Buy Rio Tinto New Shares

Aluminum Corporation of China (Chinalco) denies that it had decided to subscriber the new shares Rio Tinto will place to it in line with its stake in the Australian iron ore giant, as some foreign newspaper recent said. 
In the report, Chinalco, the largest aluminum producer in China, would not only take part in the USD 15.2-billion placement, but also try to maintain its 9.3% stake in Rio Tinto. However, the two concerned companies did not post related news about the deal on their official Web sites.

Chinalco told to the Chinese media in an interview on June 29 that the report was not true.

On June 5, Rio Tinto terminated the USD 19.5-billion merger deal with Chinalco and paid breakup fee of USD 195 million to the Chinese side. Then, it announced a USD 15.2 billion placement plan to issue 21 new shares for every 40 old shares and all shareholders could decide whether to buy between June 16 and July 1.

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