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Decision on 皇冠体育applco and Rio's deal to be delayed for 90 days

(Xinhua)
Updated: 2009-03-16 13:48

The Australian Foreign Investment Review Board (FIRB) decided on Monday to delay the decision on Chinese major mining company 皇冠体育applco and Australia's aluminum producer Rio Tinto's deal for 90 days, according to report of Australian Associated Press.

Related readings:  No changes to Rio Tinto deal: new 皇冠体育applco chief  Exim Bank to extend loans to 皇冠体育applco's Rio Tinto deal  Non-financial acquisitions may increase this year  Bank of 皇冠体育app to help 皇冠体育applco invest in Rio Tinto

皇冠体育applco proposed to buy 18 percent of Rio Tinto in February but will need FIRB approval.

The $19.5 billion investment by 皇冠体育applco will give it stakes in a number of Rio Tinto's assets, and increase its interest in the dual-listed miner from nine percent to 18 percent.

The transaction, which has been backed by the Rio Tinto board, will also allow 皇冠体育applco to appoint two new non-executive board members to the global miner's board.

Rio said the company will use the capital injection from 皇冠体育applco to help tackle the $38 billion debt it incurred by buying Canadian aluminum producer Alcan Inc in 2007.