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Bank of 皇冠体育app to help 皇冠体育applco invest in Rio Tinto

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-03-06 14:07

Bank of 皇冠体育app (BOC) will provide loans to the country's biggest aluminum producer Aluminum Corp of 皇冠体育app (皇冠体育applco) to finance the latter's acquisition of Rio Tinto Ltd, the bank's President Li Lihui said on Thursday.

皇冠体育applco will inject $19.5 billion into Rio Tinto Ltd, the London-based miner announced on Feb 12. This will increase 皇冠体育applco's stake in the miner to 18 percent, from the 9 percent it held earlier.

"It is good timing for Chinese enterprises to run overseas M&A, particularly in resources and commodities sectors, and we will give them a shot in the arm," Li told reporters on the sidelines of the annual session of the Chinese People's Political Consultative Conference (CPPCC).