RIO DEAL WITH CHINALCO RAISES THE IRE OF AUSTRALIAN INVESTORS

Guy Elliot, Rio finance director, met with Australian investors after the deal was announced last week. The meetings were held in Melbourne and Sydney last Friday and Monday, including one-to-one talks with large investors and roundtable meetings with smaller investors.

One investor who attended and asked not to be named, said: “There were some angry people around the table.”

Chief among their concerns are that shareholders will be diluted if Chinalco converts a $7.2bn bond into equity and that Rio failed to provide investors with an opportunity to participate in a rights issue to pay off debt.

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