Word: rio
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...good it did him. On June 5, Rio Tinto told Chinalco that their deal would not go through after all. It would, instead, float a rights issue to raise money needed to pay down a massive debt load, as well as enter into a joint venture with BHP Billiton - the mining giant that last year tried to buy Rio outright. Xiong, in a statement issued by Chinalco, simply said he was "disappointed" at the outcome...
...last four months doing something no other CEO of a state-owned Chinese company had ever done. He campaigned - in an open, very western way - to gain approval in Australia for what would have been China's largest foreign investment ever: a proposed $19.5 billion stake in Rio Tinto, the world's second largest mining company. The deal would have given Chinalco roughly an 18% stake in Rio, as well as outright control of some valuable copper and iron ore mines. Xiong travelled to Australia in March and made television appearances to plead his case. He pressed the flesh with...
...American oil company UNOCAL four years ago, political opposition in Washington led CNOOC to withdraw its bid. This deal, they said, fell apart for economic - not political - reasons. The proposed Chinalco investment came when global commodity prices were at their nadir; BHP had walked away from a merger with Rio a few months earlier, and the company was in sudden and desperate need of cash to cope with a nearly $40 billion debt burden...
...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...
...France Flight 447, a twin-engine A330, took off from Galeão International Airport in Rio de Janeiro at 7:30 p.m. local time and was last heard from three hours later, when the cockpit crew radioed to tell Brazilian air controllers that the plane would enter Senegalese airspace at 11:20 p.m., according to a statement from Aeronautica, the body in charge of Brazilian airspace. (No message from Senegalese airspace was ever received.) Speaking at a press conference, Air France CEO Pierre-Henri Gourgeon said the plane encountered stormy weather and strong turbulence at 11 p.m. and shortly...