Rio Tinto Complete Sale of Alcan Composites

Further to the announcement of 22 September, Rio Tinto has completed the sale of Alcan Composites, part of the Alcan Engineered Products division, to Schweiter Technologies for a total consideration of US$349 million.

Since February 2008, Rio Tinto has announced asset sales of US$8.3 billion. In addition, Rio Tinto received a binding offer from Amcor in August 2009 for US$2.025 billion for Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia divisions.

During 2008, Rio Tinto completed divestments totalling US$3.1 billion. During 2009, Rio Tinto has agreed asset sales of US$5.2 billion. As well as Alcan Composites, these transactions include Ningxia (aluminium), Potasio Rio Colorado (potash), Corumbá (iron ore), Jacobs Ranch (coal), Alcan Packaging Food Americas, Maules Creek (Coal & Allied) and the Cloud Peak IPO (coal).

In an unrelated transaction, the proposed sale of 56 per cent of the Alcan Engineered Products Cable division for an undisclosed sum to Platinum Equity, announced on 14 September, will not be completed as the sale has been terminated in accordance with the terms of the sale and purchase agreement.

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