Rio Tinto (RTP) Higher After Chinalco Deal Terminated, Replaced With Share Sale and BHP Billiton Deal
More News related to ACH
- Trading Radar for 10/28: First Solar (FSLR), ConocoPhillips (COP), WellPoint (WLP), Goodyear (GT), Int. Paper (IP) Report
- Notable Mergers and Acquisitions of the Day 6/5: RTP/ACH/BHP, MGLN, IMA
- Morning Movers 6/5: SOMX, RSOL, XTNT, GNBT, LSCC, CLWT, JTX, HEB, RTP Higher; UDRL, CAE, MWE Lower
- Rio Tinto (RTP) Higher After Chinalco Deal Terminated, Replaced With Share Sale and BHP Billiton Deal
- Unusual 11 Mid-Day Movers 3/18: LEA, JAVA, ETFC, NVGN Higher; AAII, SGK, GIS Lower
More News related to BHP
- Semi-Annual Changes to the NASDAQ OMX CRD Global Sustainability 50 Index
- ING Group Upgrades BHP Billiton (BHP) to Buy
- BHP Billiton (BHP) volatility at 14-month lows
- Mosaic (MOS) Rumors Make the Rounds
- Cramer's 12 Picks For Recovery: Do We Care?
More News related to RTP
- Mongolia's Oyu Tolgoi Copper and Gold Project: A Look Without the Rose-Coloured Glasses, an Industrial Info News Alert
- Notable Analyst Rating Changes 10/26: MSFT, SLB, AXP, NE Upgraded; FITB/STI/USB, PBI, HRB, HBC Downgraded
- Entree Gold Receives Mongolian Mining Licences
- HSBC Initiates Coverage on Rio Tinto (RTP) with a Neutral
- Entree Gold Interests Included in Oyu Tolgoi Investment Agreement
Shares of Rio Tinto plc (NYSE: RTP) are higher after the mining company terminated its deal with Aluminium Corporation of China ("Chinalco") (NYSE: ACH), in favor of a share sale and iron ore venture with BHP Billiton (NYSE: BHP).
Rio Tinto said it planned to raise $15.2 billion by selling new stock to its shareholders in a rights issue, which will remove its net debt to $23.2 billion.
Rio Tinto turned to former suitor BHP Billiton, signing a non-binding agreement to establish a production joint venture covering the entirety of both companies' Western Australian iron ore assets. The joint venture will encompass all current and future Western Australian iron ore assets and liabilities and will be owned 50:50 by BHP Billiton and Rio Tinto.
Related Categories
Hot ListMergers and Acquisitions
Stocks Mentioned
+0.06Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
