Global miner Rio Tinto Ltd
(ASX:RIO) has completed the sale of the Alcan Packaging businesses to Amcor Ltd
(ASX:AMC) for US$1.948 billion.
On August 18 Rio announced the receipt of a binding offer from Amcor for these businesses for a total consideration of US$2.025 billion.
Rio says the transaction is a significant step in the recapitalization of the company’s balance sheet.
Amcor says this acquisition provides the company with leading global positions in the nominated strategic growth markets for flexible packaging and folding carton packaging for tobacco.
Rio says the sale excludes the Alcan Packaging Medical Flexibles operations in the US, with the sale of these operations the subject of an ongoing detailed market review by the US Department of Justice.
Rio Tinto earned $5.3 billion in calendar 2008.
