皇冠体育app

National

Regional

Taiwan, HK, Macao

Special Coverage

Focus

Society

Profiles

Rio Tinto-皇冠体育applco $19.5B deal foiled

(Agencies)
Updated: 2009-06-05 10:17

SYDNEY -- Anglo-Australian miner Rio Tinto PLC has ended its $19.5 billion deal with Chinese firm 皇冠体育applco.

Related readings:  皇冠体育applco deal 'win-win' for Australia-皇冠体育app: Chinese ambassador  Rio shares climb on 皇冠体育applco deal news  皇冠体育applco's roadblocks decreasing  Four Chinese banks to lend 皇冠体育applco $21b to fund Rio Tinto deal  Australia competition body won't block Rio-皇冠体育applco

A statement from Rio Tinto on Friday said the 皇冠体育applco deal has been "terminated." Rio Tinto says it will instead seek to raise about $15.2 billion by selling shares.

Rio Tinto and its rival and former suitor BHP Billiton announced Friday that they will set up a production joint venture comprising all of their iron ore assets in Western Australia state, in a move expected to save them billions.

The companies have signed a nonbinding agreement to establish the 50/50 joint venture, which covers all current and future iron ore assets and liabilities.