Last Updated :
02 July 2009 at 15:10 IST
China firm buys $1.5 billion Rio Tinto shares
Commodity Online
BEIJING : China’s leading firm, Aluminum Corporation of China (Chinalco) Thursday confirmed that it had bought $1.5 billion U.S. of Rio Tinto shares to cement its 9 percent shareholding in the miner.
Speaking to reporters here Chinalco vice president Lu Youqing said the deal was made to maximize the interests of the company.
He added, If Chinalco did not made the deal, its shareholding in the miner would decrease from 9.3 percent to about 6 percent.
The deal came after Chinalco's $19.5 billion bid failed last month to raise its stake in Rio Tinto.
MCX Light Sweet Crude Oil 19 June 2012
contract was trading at
Rs 5241 , up Rs. 233 . What's your view on it?
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