Chinalco (Aluminum Corporation of China), Alcoa Inc - completed acquisition of interest in Rio Tinto plc

Acquirer(s)

  • Alcoa Inc
  • Chinalco (Aluminium Corporation of China)

Target(s)

  • Rio Tinto plc

Summary

Chinalco and Alcoa, via a joint venture arrangement, have acquired 12% of the shares of Rio Tinto plc. Rio Tinto plc owns approximately 37.5% of the issued shares in Rio Tinto Limited, which is incorporated in Australia, and the two companies are managed on a unified basis. Rio Tinto, Chinalco and Alcoa each have significant mining interests globally, including in Australia.

Market definition

The ACCC did not consider it necessary to form a view in relation to market definition.

Competition analysis

The ACCC considered that, given the nature and extent of the interest acquired, the acquisition was unlikely to substantially lessen competition.

Timeline

DateEvent
13/02/2008ACCC commenced review under the Merger Review Process Guidelines.
27/02/2008ACCC announced it would not oppose the acquisition.