POPULAR WORDS

February 5, 2010

Rio Tinto has completed the sale of Alcan Packaging’s global pharmaceutical, tobacco and food divisions to Amcor for US$1.98 billion.

The announcement was made on Tuesday by Rio Tinto Chief Financial Officer Guy Elliot, who says the sale is a “considerable” step in the recapitalisation of the company’s balance sheet.

The initial offer came from Amcor in August last year and also included the purchase of Alcan’s medical flexibles operations in the US, however this final part of the sale is still ongoing subject to a detailed market review by the US Department of Justice.

This sale is the latest in Rio Tinto’s plans to divest US$10.3 million worth of assets which was announced in February last year.