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
NZAS Sign Long Term Contracts
Amended - IFT230 Maturity and Exchange for IFT350
Synlait forecast milk price update
Chorus submits 2023 fibre regulatory report
Infratil Infrastructure Bond Exchange Offer opens
May 31st Morning Report
NZAS and Mercury sign long-term agreement, creating opportunity for future investment in renewables
Meridian and NZAS sign long term contracts
ArborGen Holdings Results for Year Ended 31 March 2024
BAI - Full unaudited results to 31 March 2024