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Wednesday August 19, 2009
Rio Tinto sells unit to Amcor
SYDNEY: Global miner Rio Tinto agreed to sell its Alcan packaging unit for about US$2bil to Australia’s Amcor Ltd, easing its debt burden after an ill-timed acquisition two years ago.
Amcor said the deal would make it a leading global player in key packaging markets. It marks Amcor’s first big buy under chief executive Ken MacKenzie, following four years of fixing, closing or selling businesses which had suffered after a US$3.2bil takeover binge in Europe and the Americas earlier this decade. — Reuters
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