Rio Wins Australian Investment Approval for Alcan Takeover

Oct. 9 -- Rio Tinto Group, seeking to buy aluminum producer Alcan Inc. for $38.1 billion, won approval from the Australian Foreign Investment Review Board for the proposed acquisition. The company needs the approval for the offer which is closing on Oct. 23, London-based Rio Tinto said today in a statement to the Australian Stock Exchange. Rio, the world's third-largest mining company, is acquiring Montreal-based Alcan to become the globe's biggest producer of the light metal used in cars, planes and packaging. It has already won approval from shareholders, European and Canadian regulators.