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Rio Tinto Acquires Alcan – Calcined Coke User

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This topic contains 2 replies, has 2 voices, and was last updated by  Charles Randall 13 years, 11 months ago.

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  • #3870

    Anonymous

    Rio web site / Nov 14, 2007 – Rio Tinto today announces that Rio Tinto Canada Holding Inc. (“RTCH”), an indirect wholly-owned subsidiary of Rio Tinto, has acquired all of the common shares of Alcan Inc. (“Alcan”) not already owned by it by exercising its right under the compulsory acquisition provisions of the Canada Business Corporations Act (“CBCA”)  RTCH is now the registered holder of 100% of the outstanding shares of Alcan. Accordingly, it is anticipated that the Alcan common shares will be delisted from the Toronto Stock Exchange effective at the close of business on November 15, 2007, and that such shares will also be subsequently delisted as soon as reasonably practicable from Euronext Paris, the New York Stock Exchange, the Official List in the United Kingdom (and cancellation of admission to trading on the London Stock Exchange) and the SWX Swiss Exchange. It is further expected that the certificates admitted to trading on Euronext Brussels representing Alcan common shares (the IDRs) will also be delisted as soon as reasonably practicable from Euronext Brussels.
    As required under the CBCA, notices of compulsory acquisition were mailed today to registered holders of Alcan shares who had not deposited their shares under the offer by RTCH to acquire all of the shares of Alcan which expired on November 8, 2007.
    About Rio Tinto
    Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
    Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.
    For further information or a copy of reports filed under Canadian securities legislation, please contact:
    Rio Tinto Canada Holding Inc.
    770 Sherbrooke Street West, Suite 1800
    Montreal, Quebec  H3A1G1

    Or please contact:
    Media Relations, London
    Christina Mills
    Office: +44 (0) 20 8080 1306
    Mobile: +44 (0) 7825 275 605

  • #7160

    Charles Randall
    Participant

    Here is Rio Tinto (worlds 3rd largest mining company) news release on their acquisition of Canadian producer Alcan – the world’s second largest aluminum producer. This is process where the industries primary smelters consume calcined anode (low sulfur & metals) petroleum coke at rate of ~ 0.4 metric tons coke used per ton primary Aluminum produced. The acquisition will make Rio the world’s largest Aluminum company now. 
     
    Cash rich mining companies like Rio have been expected to make acquisitions in a lot of the metal production sectors & Alcan is another good choice for Rio.  Rio’s production of Bauxite ore & Alumina used in the smelting process puts the Alcan smelters on a better footing with the Alcoa smelters. This recent Rio Tinto bid follows a failed hostile takeover bid for Alcan. <Alcoa is former par
     
    The financial recaps say that Rio paid $38.1 Billion for Alcan a Canadian Aluminum producer based in U.K. and whose stock will be de-listed last week. Rio already owned ~11% of Alcan & had to purchase the remaining 88.8% to complete the acquisition. I think Alcan has 22 Aluminum smelters in 11 countries, six bauxite mines & five Alumina refineries.
     
    As a background – This recent Rio Tinto successful bid follows a previous failed hostile takeover bid for Alcan by former parent Alcoa (May 2007 for ~$27B). Alcan was split off its former parent as Canadian branch of Alcoa in 1928 and became a separate company, and registered under the Alcan name in 1945.
     
    Alcan acquired French based Pechiney in 2004 for ~$4 Billion (after a lot of challenges from France & EU anti-trust review) and at the time Alcan & Pechiney were two of the four largest smelters (behind Alcoa & Rusal) in the world.  Pechiney also had extensive Packaging & Carbon Anode Technology business <Carbon Anodes = the smelting current conducting blocks made from baked calcined anode coke (from cokers) and Coal Tar Pitch, that are used to melt the Alumina>

  • #7159

    Charles Randall
    Participant

    Update – It has recently been announced that BHP is acquiring Rio Tinto for $150 Billion.
     
    So guess there is always a bigger fish out there with more money during an acquistion phase!
    Regards

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