Thursday 12th February 2009 |
Text too small? |
"Rio Tinto notes continued media speculation in connection with a possible transaction with Chinalco and confirms the parties are in negotiations, which may or may not lead to any agreement being reached," the resources company said in a statement. A further statement will be made shortly, it said.
Rio is scheduled to report full-year earnings later today, which are expected to show the benefits of soaring contract iron ore prices. The company is selling assets, firing workers and curbing its spending as it tries to slice US$10 billion from its US$39 billion of debt this year.
Last year the company rejected a US$66 billion hostile takeover offer from BHP Billiton. Rio may sell convertible bonds and stakes in some of its divisions to Chinalco to raise cash and repay debt, the Financial Times reported.
Rio stock has tumbled 60% in the past 12 months and was most recently at A$52 on the ASX.
No comments yet
Fonterra appoints permanent COO
Manawa Energy FY24 Annual Results & Webcast Details
Seeka Provides the Results of Meeting - ASM
April 19th Morning Report
PGW Guidance Update
CNU - Commerce Commission releases draft expenditure decision
Spark announces departure of Product Director
TGG - T&G appoints new Director
April 18th Morning Report
SKC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER