Rio Tinto's package for Amcor step closer
Source: Agencies |
December 24, 2009, Thursday
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Print Edition
Print Edition
RIO Tinto is close to finalizing the sale of its Alcan Packaging business to Amcor for US$2 billion - a big chunk of the mining giant's plans to sell assets to slash its debt by more than US$10 billion.
Rio Tinto said in a statement yesterday it was formally taking up Amcor's offer to buy Alcan Packaging's global pharmaceuticals, global tobacco and food divisions in Europe and Asia, under a deal first announced in August.
European Union anti-trust regulators backed the plan after telling Amcor it must sell two pharmaceutical packaging plants.
That was to eliminate concern the deal would knock out a major rival and make Amcor a very strong European supplier for laminated drug sachets and the foil used for pill blister packs.
Rio Tinto has sold some US$10.3 billion in assets since February 2008 to help pay off significant debt it built up buying Canadian aluminum giant Alcan.
Rio Tinto said in a statement yesterday it was formally taking up Amcor's offer to buy Alcan Packaging's global pharmaceuticals, global tobacco and food divisions in Europe and Asia, under a deal first announced in August.
European Union anti-trust regulators backed the plan after telling Amcor it must sell two pharmaceutical packaging plants.
That was to eliminate concern the deal would knock out a major rival and make Amcor a very strong European supplier for laminated drug sachets and the foil used for pill blister packs.
Rio Tinto has sold some US$10.3 billion in assets since February 2008 to help pay off significant debt it built up buying Canadian aluminum giant Alcan.
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