A person close to the company said Chinalco is making an application for voluntary approval from Australia's Foreign Investment Review Board, despite not being required to do so on the basis of its current stake. Chinalco and Alcoa Inc. Friday revealed their stake in Rio Tinto, creating an obstacle for BHP Billiton Ltd. in its own takeover proposal for Rio Tinto.
Chinalco President Xiao Yaqing is in Australia to brief the government and local media later Monday on the move on Rio, but another person close to the company said he has no plans at this stage to meet with BHP Billiton.
The person said the Chinalco stake was designed to give it a seat at the table in a fast changing industry and that it fits with its long-term goal of becoming an international diversified resources company, but said there are no current plans for a full takeover bid for Rio Tinto.
The logo competition is on hold for the time, also there is no truth to the rumour that the yuan will be accepted for payment of electricty accounts.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment