RIO TINTO GAINS AUSTRALIAN REGULATOR'S NOD FOR ALCAN ACQUISITION

SYDNEY, Oct 09, 2007 -- Anglo-Australian mining giant Rio Tinto Ltd has received approval from the Foreign Investment Review Board (FIRB) for its proposed US$38.1 billion acquisition of Canada's Alcan Inc. The approval from the Australian regulator is one of the last major hurdles in the mining giant's takeover of Alcan, after the French government endorsed the transaction earlier this month. Rio Tinto, the world's third largest mining company, is offering US$101 cash a share for the aluminium producer, valuing Alcan at US$38.1 billion. The company has previously said it expected to complete the deal in the current quarter. Buying Alcan will transform Rio Tinto into the world's largest producer of aluminium. The company launched the takeover bid in July, trumping a rival offer from United States-based aluminium producer Alcoa. The bid for Alcan closes on October 23.