Aluminum Investing News reports the failed BHP Rio takeover bid.
Last February, Aluminum Corp. of China together with Alcoa, paid $14.1billion for a 12 per cent stake in Rio-Tinto’s London listed shares, giving it a 9 per cent share of the Rio Tinto Group. Aluminum Corp put up most of the money, and many saw the move a tactical one aimed at spoiling the BHP-Rio tie up. A joint BHP-Rio entity would have enormous power over key raw materials, and this would hurt China’s large steel industry. Conspiracy theorists theorized that the move was engineered by Beijing.