Chinalco's roadblocks decreasing
By Jiang Wei | China Daily | Updated: 2009-04-03 07:56
Aluminum Corp of China (Chinalco) has won approval from the German government for its proposed investment in global mining giant Rio Tinto Group, clearing the second hurdle for the deal.
The German Federal Cartel Office had found no anti-competitive element to the proposed investment by Chinalco, said the London-based Rio Tinto, which has significant business in Germany. It is the second nod from relevant regulators after the approval from the Australian Competition and Consumer Commission.
The proposed $19.5-billion investment has still to be approved by Rio Tinto's shareholders and regulators in China, the US as well as Australia, where Chinalco and Rio Tinto have substantial operations.
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