Chalco to buy metal processing assets from parent
27 February 2008
Aluminum Corp of China (Chalco) said it would buy stakes in six firms being offered for sale by its parent Chinalco on the Beijing Equities Exchange, state media reported. Chalco will buy metal processing assets from Chinalco for US$580 million in a public bid to avoid possible delays from regulatory approval. The six firms are Liancheng Aluminum Co, SWA Cold Rolling Strip Co, SWA Strip Co, Ruimin Strip Co, Henan Aluminum Fabrication Co and Huaxi Aluminum Co. Earlier in February, Chinalco and Alcoa announced the purchase of a 9% share in Rio Tinto worth US$14.5 billion.
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