Australia's competition regulator has cleared Chinalco's planned $19.5bn investment in Rio Tinto, ruling that the transaction was unlikely to “unilaterally decrease global iron ore prices below competitive levels”.
The decision by the Australian Competition and Consumer Commission (ACCC) is a rare piece of good news for the Chinese aluminium group's proposed investment in the Anglo-Australian mining group, which was announced in February.
However, the tie-up still needs the approval of Australia's Foreign Investment Review Board, which has until mid June to complete its assessment, with the ultimate say decided by Canberra.
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