Chinalco plans more overseas acquisitions
Chinese aluminium giant Chinalco said on Tuesday it expected more overseas acquisitions after it joined up with US-based Alcoa to buy into a London-listed arm of Australia miner Rio Tinto.
By Agencies |
SHANGHAI: Chinese aluminium giant Chinalco said on Tuesday it expected more overseas acquisitions after it joined up with US-based Alcoa to buy into a London-listed arm of Australia miner Rio Tinto.
"We will go on with such acquisitions," president Xiao Yaqing said. "Teaming up with Alcoa for the acquisition is our first one but it is definitely not the last."
The firm would particularly target mining assets overseas, he said at the annual results conference of Chalco, Chinalco's listed unit.
Chinalco is also in talks with Alcoa about raising the stake in Rio Tinto but there is no concrete plan on that so far, according to Xiao.
Earlier this year, Chinalco and Alcoa purchased a combined 12 percent stake in Rio Tinto Plc for 14 billion US dollars.
Analysts see the move by Chinalco as an attempt to gain a seat at the bargaining table after the world's biggest miner BHP Billiton made an unsolicited bid to take over Rio Tinto for 147 billion US dollars.
"We will go on with such acquisitions," president Xiao Yaqing said. "Teaming up with Alcoa for the acquisition is our first one but it is definitely not the last."
The firm would particularly target mining assets overseas, he said at the annual results conference of Chalco, Chinalco's listed unit.
Chinalco is also in talks with Alcoa about raising the stake in Rio Tinto but there is no concrete plan on that so far, according to Xiao.
Earlier this year, Chinalco and Alcoa purchased a combined 12 percent stake in Rio Tinto Plc for 14 billion US dollars.
Analysts see the move by Chinalco as an attempt to gain a seat at the bargaining table after the world's biggest miner BHP Billiton made an unsolicited bid to take over Rio Tinto for 147 billion US dollars.
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