Rio's London-listed shares rose 5 per cent against a falling mining sector, as analysts concluded that a deal with Chinalco would rule out the need for a rights issue from Rio. The group has pledged to cut its $37bn debt burden by $10bn by the end of this year.
Rio stated yesterday that it had “held discussions with Chinalco regarding it acquiring minority interests in various operating businesses of the Rio Tinto group and also investing in convertible instruments”.
It is proposing to sell convertible bonds to Chinalco that would raise cash up front and convert to equity later, allowing Chinalco to increase its 9 per cent stake in the group.
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