Rio Wins Australian Approval for Alcan Takeover

Rio Tinto Group has won approval from the Australian Foreign Investment Review Board for its US$38.1bn purchase of aluminium producer Alcan. The purchase, which was announced in July, is due to be finalised on 23 October. Rio has already won approval from shareholders and European and Canadian regulators. Earlier this year, Rio announced plans to sell Alcan's packaging business following the takeover as it focuses on more lucrative aluminium activities.