Dec 22 2009
Rio Tinto announced today that it has accepted the offer by Amcor for the sale of the Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia divisions, following completion of the required Works Councils consultations.
Rio Tinto announced on 18 August 2009 the receipt of a binding offer from Amcor for these businesses for a total consideration of US$2.025 billion.
The transaction has recently been cleared by the European Commission. Clearance is awaited from the Department of Justice in the US.
Since February 2008, Rio Tinto has announced asset sales of US$10.3 billion, including the Amcor transaction. During 2008, Rio Tinto completed divestments totalling US$3.1 billion. During 2009, Rio Tinto has agreed asset sales of US$7.2 billion and completed US$3.6 billion of these. Completed transactions include Ningxia (aluminium), Potasio Rio Colorado (potash), Corumbá (iron ore), Jacobs Ranch (coal), Alcan Composites and the Cloud Peak IPO.
Agreed sales yet to complete include Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia, Alcan Packaging Food Americas and Maules Creek (Coal & Allied).