Global miner Rio Tinto Ltd
(ASX:RIO) has received a binding offer from Sun European Partners to acquire the Alcan Beauty Packaging business.
The miner says a period of exclusivity with Sun European has been agreed to, with Rio saying it will respond to the offer following consultation with the relevant European works councils.
CFO Guy Elliott says this offer is an important step towards completing the divestment of the Alcan Packaging business, saying Rio believes the offer is in the best interests of all stakeholders and represents a good outcome for the company’s shareholders.
The Beauty division is the only part of Alcan Packaging still owned by Rio, with the exception of the Medical Flexible operations in the US which is the subject of an agreed transaction with Amcor that is currently under review by the US Department of Justice.
Rio has now completed divestments in excess of $10 billion since the beginning of 2008.
Rio Tinto’s 2009 profit came to $5.4 billion.
