Word: chinalco
(lookup in dictionary)
(lookup stats)
Dates: during 2009-2009
Sort By: most recent first
(reverse)
...minerals prices have rebounded - in part (and ironically) because of a huge government spending binge in China that has had companies here frantically restocking their supplies of copper, iron ore and other commodities used in industrial production. "The biggest driver of discontent [with the Chinalco deal] among Rio shareholders," says Grant Craighead, managing director of Australia-based independent research group Stock Resource, "was that the deal was being struck close to the low point in the current financial crisis. Over recent months the market decided that the worst of the crisis was over, and life's likely to get better...
...Australia - in a manner, indeed, that dwarfed the fireworks in the U.S. when state-owned CNOOC tried to acquire UNOCAL. Opponents of the Australia deal went so far as to sponsor television commercials that actually invoked the June 4, 1989 massacre in Tiananmen Square. A banker close to the Chinalco side of the deal said management there was "deeply disappointed" by some of the rhetoric used by opponents of the deal. In fact, this source says, Chinalco had in many respects "gone to school" on the CNOOC deal, in terms of "what not to do." Unlike CNOOC's attempt...
...decision to walk away spared the government of Kevin Rudd, the Mandarin-speaking Prime Minister of Australia, from having to make the tough decision as to whether to let the Chinalco investment go forward. After the Rio announcement, Rudd made a point of saying that Australia was very much open to foreign investment, and then met in Canberra on Friday with Xiong to reinforce the point. Analysts say the government was likely to approve the investment, but only after imposing what surmised would be "tough conditions." It s still unclear what those "conditions" might have been...
...sector company in the west had proposed buying a minority stake in Rio Tinto, would the Australian review process have taken as long? Or it would it have been waived through much more quickly - before commodity prices recovered? Now, far from gaining access to a giant iron ore reserves, Chinalco has to watch the two biggest producers in the world - BHP and Rio - do a joint venture with their reserves in the famed Pilbara region of western Australia. It's no wonder that the executive director of China's iron and steel institute was warning about a possible "monopoly...
...through foreign direct investment. And China, in fact, has done scores of resource deals in the developing world - of late with Russia, Kazakhstan and Brazil in the old and gas sector, for example. But twice now in the developed world, big Chinese investments have been spurned. First CNOOC, now Chinalco...