China Takes a Stake in Rio Tinto
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China has muscled in on the miner BHP Billitonâs attempts to buy rival Rio Tinto, with its biggest aluminum producer teaming up with American group Alcoa to buy a 12 percent stake.
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Alcoa Inc. and Aluminum Corp. of China jointly acquired 12 percent of the shares of global mining company Rio Tinto PLC in a deal believed to be worth $14.05 billion, the companies said Friday.
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Aluminum Corp of China (Chinalco) sought to douse speculation on Monday that it was preparing to mount a counter bid to BHP Billiton  for Rio Tinto , saying it was happy to stick with the $14 billion stake it bought last week.
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Companhia Vale do Rio Doce of Brazil said it had extended its 19 billion Canadian dollars ($17 billion) tender offer for the Canadian mining company Inco to give regulators time to approve the deal. Rio Doce said it extended the deadline to Oct. 16 from Sept. 28. Rio Doce, the worldÂs largest iron ore miner, has obtained regulatory approval from the Canadian Competition Bureau and from authorities in the United States, but must still get clearance from the European Commission and Investment Canada.
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Business & money: Â· Group in talks with banks as deadline loomsÂ· Only increased offer will win over Rio Tinto board
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BHP Billiton has brought in more banks to help it find the $70 billion it needs to fund its planned takeover of Rio Tinto , Britain's Sunday Times newspaper reported.
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Global miner Rio Tinto Plc    said on Monday it was to invest $300 million developing  Eagle, a high-grade nickel and copper mine in Michigan, United  States.
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MELBOURNE/SYDNEY  - Rio Tinto's   shares surged on Wednesday amid market talk that an improved offer had prompted the firm to open its books to suitor BHP Billiton   and media reports which said Rio had signaled a price at which it would sell out.
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The battle over Rio Tinto intensified after BHP Billiton increased its takeover offer to about $147 billion after a Chinese rival bought a stake last week.
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Brazil has recognized China as a market economy, Chinese President Hu Jintao said Friday after meeting with Brazil's President Luiz Inacio Lula da Silva.
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Aluminium Corp of China and US giant Alcoa have agreed to pay 14.05 billion dollars for 12 percent of Anglo-Australian mining giant Rio Tinto plc, Chinese state media said Friday.
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BEIJING - A group of state-owned Chinese companies has agreed to help finance and build an iron ore and infrastructure project worth nearly $2 billion (Australian) in the Pilbara region of western Australia.
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Miners led European shares upward on Friday as a Chinese group bought a stake in Rio Tinto giving a shot in the arm to mining and metals companies ahead of key US jobs data later in the day.
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Anglo-Australian mining giant BHP Billiton say it has made an offer to buy its rival Rio Tinto.
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BHP Billiton must decide by Wednesday if it will proceed with a bid for Rio Tinto after China intervened with a strategic investment that could sharply increase the price of the merger.
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Chinese aluminium giant Chinalco said Friday it and US peer Alcoa have bought a 12-percent stake in Anglo-Australian miner Rio Tinto, setting up a possible takeover tussle with rival BHP Billiton.
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Brazil recognized China as a market economy on Friday, a move that should make it easier for the two countries to do business. Brazilian oil giant Petrobras and China Petroleum and Chemical Corp.