The deal involves Rio selling convertible bonds to Chinalco that should ultimately result in the Chinese group raising its stake in the dual-listed company to 18 per cent from 9 per cent.
But it raises questions about whether Rio is selling stakes in its “crown jewels” at the bottom of the market, and whether China's rising influence within the company creates conflicts of interest and constrains its future strategic options.
The deal with Chinalco solves Rio's debt repayment problems, something that had depressed the group's share price and was cited as a reason for BHP Billiton walking away from its hostile takeover bid last year.
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