July 01 2009
M&A: China Mining Deal Flops
What was potentially the largest M&A deal of the year for LatAm – Chinalco’s acquisition of Rio Tinto assets including part of Chile’s Escondida copper mine – fell apart in June, taking 10% of volume with it. As part of the deal, Rio Tinto would have sold to Chinalco a 15% interest in the Escondida copper mine for $3.4 billion and a 30% stake in the La Granja copper mine in Peru for $50 million.
Blackstone, JPMorgan, Nomura and China International Capital were advising Chinalco. Morgan Stanley and Credit Suisse were advising Rio Tinto. Analysts believe Rio Tinto will likely keep its Chile and Peru assets.
Elsewhere, Cemex’s sale of Australian assets to Switzerland’s Holcim for $1.6 billion cash was good news for ...
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