Rio receives offer for Beauty division
Rio Tinto Limited (RIO) said it has received a binding offer from Sun European Partners, LLP to acquire the Alcan Beauty Packaging business. Australia’s second largest miner said a period of exclusivity with Sun European Partners has been agreed, with Rio Tinto to respond to the offer following consultation with the relevant European works councils.
Chief financial officer, Guy Elliott, said the offer was an important step towards completing the divestment of the Alcan Packaging businesses.
“We believe the offer is in the interests of all stakeholders and represents a good outcome for our shareholders.”
Rio Tinto said the Beauty division employs around 8,000 people, operates 26 plants in 12 countries, and is the only part of Alcan Packaging still owned by Rio Tinto, with the exception of the Medical Flexible operations in the US, which remains the subject of an agreed transaction with Amcor.
The company has now completed divestments in excess of $10 billion since the beginning of 2008.
At the close of trade Wednesday, Rio Tinto shares were trading at $78.40.
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