Chinalco-Rio deal milestones

Time

Events

Nov 8,2007

BHP Billiton put forward a takeover proposal to Rio Tinto

Feb 1,2008

Chinalco and Alcoa Inc buy 12 percent stake in Rio Tinto for ($14.05 billion)

Nov 25,2008

BHP scrapped its bid for Rio

Dec,2008

Chinalco was said to further invest in Rio Tinto

Feb 2,2009

Rio Tinto and Chinalco confirmed on their negotiation

Feb 12,2009

Chinalco and Rio Tinto announced they entered strategic partnership.

Feb 16,2009

Chinalco and Rio Tinto deal seen uncertain, as reports have it that Rio’s institutional investors were reaching for BHP.

March 17,2009

Foreign Investment Review Board of Australia announces to extend the FIRB review period for up to a further 90 days from this day.

March 26,2009

The Australian Competition and Consumer Commission says it won’t block the Chinalco-Rio Tinto deal

March 27,2009

Four Chinese banks announced to lend Chinalco with $21 billion for the Chinalco-Rio Tinto deal.

March 29,2009

Chinalco announces its 2008 results, with its total profits falling 99.17 percent year-on-year. The company’s management says it will not affect its buy in Rio Tinto.

Apr 2,2009

Germany approves the Chinalco-Rio Tinto deal.

May 15,2009

Chinalco and Rio Tinto says they have has been cleared by the US Committee on Foreign Investment.

June 4,2009

Rio Tinto announces Rio Tinto announced share trading halt on June 5, as it may drop the $19.5 billion deal with Chinalco.

June 5,2009

Chinalco confirms their $18.5 billion deal break up and Rio Tinto will pay Chinalco with the agreed break fee of $195 million.