Rio Tinto’s rights offer has been a big success in the UK, with shareholders taking up 96.97% of the London shares offered, raising around 7.1 billion pounds.
Following this news, major shareholder Chinalco announced it would also take up its full entitlement.
The results of the Australian rights issue are not yet known.
The Rio share price was up this morning on market open:
ASX Code: RIO
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For more details on this news story:
The West Australian has it on good authority that Treasure Wayne Swan will approve Andrew Forrest s bid to sell a significant portion of his Fortescue Metals Group to Chinese Government-controlled Hunan Valin Iron and Steel.
Although the Foreign Investment Review Board (FIRB) is yet to announce its decision, the West Australian believes it will not object to the deal in its current form, but that if Valin were to seek to increase its stake from 17.4% the government would be provoked into considerable concern .
Presumably this deal does not trigger any national security warning signals, which blocked the Oz Minerals / Minmetals takeover bid last week.
Click here to read the full article.
Stocks for your watchlist:
OZ Minerals: OZL.AX (ASX)
Fortescue Metals Group: FMG.AX (ASX)
BHP Billiton: BHP.AX (ASX); BLT.L (London Stock Exchange); BHP.N (New York Stock Exchange)
Rio Tinto: RIO (ASX and LSE)
