Deals & Dealmakers - 17th February 09

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    clpstaff &clp articles

    Chinalco-Rio Tinto partnership; Gale International in Changsha

    Chinalco seals Rio Tinto partnership
    Aluminum Corporation of China (Chinalco) has formed a US$19.5 billion partnership with the Rio Tinto group. The deal represents the largest outbound investment by a Chinese company and follows Chinalco's acquisition of a 12% stake in Rio Tinto plc in February 2008.

    The partnership involves the creation of joint ventures in aluminium, copper and iron ore. It also involves the issue of convertible bonds to Chinalco which, when converted, will increase its shareholding in Rio Tinto plc to 19% and 14.9% in Rio Tinto Limited – equivalent to an 18% interest in the Rio Tinto group.

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