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- Rio Tinto (NYSE: RTP) confirmed that it has held discussions with Chinalco, also known as Aluminum Corp. of China (NYSE: ACH) regarding Chinalco acquiring minority interests in various operating businesses of the Rio Tinto group and also investing in convertible instruments.
Rio Tinto said there can be no certainty that a transaction will ultimately take place and any possible transaction would be conditional upon approval by the shareholders of Rio Tinto and all necessary government and regulatory authorities.
Chinalco already owns a 9% stake in Rio Tinto.
Rio Tinto may raise up to $15 billion to help pay down its $38.9 billion in debt.
- Global Traffic Network, Inc. (Nasdaq: GNET) announced that its U.K. subsidiary, Global Traffic Network (UK) Limited, has entered into a definitive share purchase agreement to acquire the commercial division of UBC Media Group plc via a purchase of all of the outstanding shares of The Unique Broadcasting Company Limited, a wholly owned subsidiary of UBC.
UBC's commercial division supplies traffic and travel information to approximately 230 radio stations and entertainment news information to approximately 120 radio stations in the United Kingdom in exchange for commercial airtime inventory that is then sold to advertisers.
UBC's commercial division has nearly 14,000 radio commercials available for sale on a weekly basis. As contemplated by the purchase agreement, the Company's U.K. subsidiary will acquire the share capital of The Unique Broadcasting Company for $13.1 million at closing and three additional potential earn-out payments based on the financial performance of the acquired business during the 2009, 2010 and 2011.
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